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Colgate urges stockholders to reject raised offer by Baker Mills

U.S. consumer products maker Colgate-Palmolive Co. urged its stockholders to reject an unsolicited raised tender offer from Baker Mills LLC.

Baker Mills, which initially sought 45,000 shares, now wants to buy up to 100,000 shares, or about 0.0114%, of the company's outstanding shares for a cash consideration of $57 per share.

Colgate said the offer price is around 18% less than the company's closing price per share March 16, the last trading day before the offer was increased.

The offer is scheduled to expire April 4.