Best Deal Gillette Could Get? Procter & Gamble’s Acquisition of Gillette

Case Solution

David P. Stowell, Christopher D Grogan
Kellogg School of Management ()

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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