BOSTON, Feb. 12 (UPI) -- Massachusetts Secretary of State William Galvin has said there were "glaring omissions" in Gillette's report on Procter & Gamble Co.'s planned acquisition.
Galvin launched an inquiry to determine whether the proposed merger was in the best interest of Gillette shareholders shortly after P&G announced it would acquire Gillette Co., the Boston Globe reported Saturday. He asked Gillette to provide him with documents about the merger, details about the compensation packages of Gillette's top executives, and any information about how layoffs would affect Gillette's Massachusetts workforce of 4,000.
Gillette provided minutes from meetings the acquisition was discussed during and expert opinions on whether a merger makes sense. However, Galvin said he was dissatisfied with details about executive compensation and workforce reduction.
"There are some glaring omissions in what we asked for," Galvin said. "We intend to pursue this matter further."
