Thursday, June 16, 2005

In A Lather Over the Gillette Deal

Business Week reports that Massachusetts Secretary of the Commonwealth William F. Galvin is turning up the heat in his investigation of the Goldman Sachs fairness opinion used to justify the G / PG deal. Sounds like somone is jealous of Spitzer getting all the attention. Although his concern about the inherent conflicts in investment banks issuing fairness opinions for their clients is warranted, he picked a funny deal to single out. (See the overvalued stock deals done with internet currency circa 1999.) If Buffett is on your side of the table, you can bet your getting a fair deal. On the other hand, $450 million for the Gillette execs does seem a tad excessive...

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