Cincinnati, Oct. 29, 2008 - The Procter & Gamble Company today announced that the averaging period for its pending exchange offer for P&G common stock will commence as scheduled on October 30, 2008 and end on and include November 3, 2008, after which time the final exchange ratio by which P&G common stock will be exchanged for Folgers common stock will be calculated.
P&G will announce the final exchange ratio by press release no later than 9:00 a.m. on November 4, 2008. The shares of Folgers common stock issued for exchange of P&G common stock will automatically be converted on a one-for-one basis into the right to receive common shares of The J.M. Smucker Company.
The exchange offer will expire at 12:00 midnight, Eastern Standard Time, on November 5, 2008, unless extended. P&G currently expects that immediately following the expiration of the exchange offer it will accept all validly tendered shares for exchange and effect the closing of the merger of Folgers and a Smucker subsidiary. The transactions are subject to customary closing conditions, including a minimum tender condition.
P&G has determined that for purposes of the exchange offer, any decline in the U.S. financial markets generally since October 7, 2008 through October 29, 2008 did not constitute an extraordinary or material adverse change in the U.S. financial markets generally. In addition, P&G has waived the 15% decline in either the Dow Jones Average of Industrial Stocks or The Standard & Poor's 500 Index from October 7, 2008 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.
Morgan Stanley & Co. Incorporated is serving as the dealer manager for the exchange offer.