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P&G/Galleria IPO Proves Popular

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Well, that was fast. As previously reported, P&G's "tax-efficient" Reverse Morris Trust transaction has allowed shareholders to exchange their shares of P&G common stock for shares of Galleria Co. common stock, which will convert into shares of Coty class A common stock upon completion of the merger.

According to P&G, "the exchange offer was oversubscribed by approximately 586,136,443 shares, including shares tendered pursuant to guaranteed delivery procedures, resulting in a preliminary proration factor of approximately 15.01 percent."

Because more than 104,969,205 shares of P&G common stock were tendered, all shares of Galleria Co. common stock owned by P&G are expected to be distributed to P&G shareholders who tendered their shares of P&G common stock in the exchange offer.

The conversion to Coty class A common stock is expected soon.

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