WESTPORT, Conn. — Chesebrough-Pond's Inc. announced Tuesday that it had received an unsolicited offer from American Brands to buy the consumer products manufacturer for $66 a share, or a total of about $2.82 billion.
In a two-sentence statement, Chesebrough-Pond's said it had retained legal advisers to evaluate American Brands' offer and "other alternatives to maximize shareholder values."
Daniel A. Conforti, a spokesman for American Brands, confirmed that American Brands had made the proposal.
"We are hopeful that the board of directors and the management of Chesebrough-Pond's will consider our proposal favorably," Edward W. Whittemore, chairman and chief executive of American Brands, said in a statement. "We are prepared to enter into immediate negotiations with Chesebrough-Pond's and hope to reach an agreement on friendly terms promptly."
The statement said that Whittemore met with Ralph Ward, chairman of Chesebrough-Pond's, on Tuesday to discuss the matter.
"We feel that the consumer packaging products of the two companies would be highly compatible," Whittemore said, adding that American Brands would divest Chesebrough's chemical products division.