David P. Stowell, Christopher D Grogan
Kellogg School of Management (KEL183-PDF-ENG)
June 01, 2006
January 27, 2005 was an extraordinary day for Gillettes James Kilts, the sensational exchange expert known as the “Razor Boss of Boston.” Kilts had just orchestrated a $ 57 billion acquisition of Gillette by P&G with Procter & Gamble president Alan Lafley. The formation of the world’s largest consumer goods company would end Kilt’s four-year tenure as Gillette’s CEO and complete Gillette’s 104-year history as an independent corporate giant in the Greater Boston area. The agreement also limited a series of commercials between Gillette and other companies that had risen and fallen at various points during Gillette’s administration by Kilts. But almost immediately after the deal was announced, P&G and Gillette drew criticism from the media and the state of Massachusetts over the terms of the sale. Would this merger really benefit shareholders, or was it primarily a wealth-generating vehicle for the kilts?
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