IN BRIEF : Grand Met Finishes Pillsbury Deal
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MINNEAPOLIS — Grand Metropolitan PLC has completed its tender offer to acquire Pillsbury Co. common stock at $66 per share for a total value of about $5.7 billion, the British conglomerate said today.
About 98.7% of the 85.8 million outstanding Pillsbury shares had been accepted for payment by Grand Met after completion of the tender offer Tuesday, Grand Met said.
Grand Met, a distilling and retailing giant, acquired the Minneapolis-based food and restaurant company last month after nearly three months of negotiations and court hearings.
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