Procter & Gamble averaging period for Folgers exchange offer begins Thursday

New York, Oct. 29 - Procter & Gamble Co. said the averaging period for its planned offer to exchange its common stock for Folgers shares will begin on Thursday and run through Nov. 3.

The final exchange ratio will be announced by 9 a.m. ET on Nov. 4 and the exchange expires at midnight ET on Nov. 5.

Folgers shares issued in the exchange will automatically be converted on a one-for-one basis into the right to receive common shares of J.M. Smucker Co.

Procter & Gamble also said that for the purposes of the exchange offer that any decline in the U.S. financial markets generally from Oct. 7 through Oct. 29 does not constitute an extraordinary or material adverse change in the U.S. financial markets generally. It has waived the 15% decline in either the Dow Jones Industrial Average or the Standard & Poor's 500 index from Oct. 7 through the remainder of the exchange offer period as a specific quantitative standard for determining whether there has been an extraordinary and material decline in the U.S. financial markets generally.

On June 4, Procter & Gamble, a Cincinnati branded consumer goods company, said it would merge its Folgers coffee business into Smucker in an all-stock reverse Morris Trust transaction valued at about $3.3 billion, including $350 million of Folgers' debt.

Smucker manufactures fruit spreads, peanut butter, shortening and oils, ice cream toppings, sweetened condensed milk and health and natural foods beverages in North America. The company is based in Orrville, Ohio.

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