Colgate-Palmolive Company (NYSE:CL) announced last week that Tom's of Maine, a manufacturer of fluoride-free natural toothpaste-(click here for a post about why that might be good), had agreed to a deal.
Colgate will pay $100 million for the acquisition of 84% of the outstanding shares; the founders will retain 16%, allowing Colgate the option to acquire additional shares in the future.
Tom's of Maine co-founders Tom and Kate Chappell said (apparently in chorus):
We chose Colgate as our partner because they have the global expertise to help take Tom's of Maine to the next level. Just as importantly, we see Colgate as an excellent fit with our own cultural values. Colgate has a commitment to product excellence, to global efforts to promote oral health and has a 200-year history of caring for consumers and for giving back to the community. We are excited by Colgate's desire to continue Tom's of Maine leadership and heritage in natural care.
