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Colgate urges shareholders to reject Baker Mills 'mini-tender offer'

U.S. consumer products maker Colgate-Palmolive Co. on March 7 urged shareholders to reject an unsolicited tender offer from Baker Mills LLC to buy up to 45,000, or about 0.005%, of the company's outstanding shares for a cash consideration of $57 per share.

The offer price, Colgate noted, is about 18% less than the company's closing price of $69.27 per share March 2, the last trading day before the offer was made March 6.

The mini-tender offer, which seeks to purchase less than 5% of a company's issued stock from investors, is scheduled to expire April 4.