Word: procter
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Maggio, who works for Procter & Gamble in Atlanta, is familiar with how such games are designed. He thus figured out the possible patterns for the numbers under each dot on the cards. Maggio began hauling home grocery bags full of contest cards and by deadline had mailed in 4,000 winning entries. Beatrice will not reveal how many Super Bowl tickets it expected to award, but when the company learned of Maggio's good fortune, it canceled the contest. Beatrice said the fairness of the game had been compromised. Maggio is contemplating a lawsuit...
Many corporate consolidations, of course, make good business sense. They are most likely to succeed when one company buys another for its complementary products or skills. Procter & Gamble, which acquired Richardson-Vicks for $1.24 billion in October, wanted the company for its popular brands, including Oil of Olay and NyQuil. Recalled an insider: "It was less expensive for P&G to buy into a line of new products than to develop them on its own." The experience and marketing skills of the two firms should go well together...
Murphy is being replaced by Joseph D. Alviani, a partner in Goodwyn, Procter, and Hoar who stepped down as president of the New England Foundation of Lawyers to accept his new position...
...thinking they could get even more for the company and fearing Unilever's reputation for trimming the management ranks of firms it acquires. Unilever upped its bid to $60 a share, but Richardson-Vicks still put out a plea for a "white knight" to make a friendly merger bid. Procter & Gamble, the Cincinnati-based detergent and disposable-diaper king, and Pfizer, a New York pharmaceutical firm, rode to the rescue with identical $69-a-share offers. P & G reportedly won the deal because its lawyers got the paperwork done faster...
...bought Carnation for $3 billion. Since then, R.J. Reynolds has paid $4.9 billion for Nabisco, and two weeks ago Philip Morris won General Foods for $5.7 billion. Analysts say that companies are eager to buy established brand names because developing and promoting new products have become increasingly risky. Even Procter & Gamble has been disappointed with sales of its new Citrus Hill orange juice and Duncan Hines cookies...