Start Date | 1966-00-00 |
End Date | 1969-00-00 |
Percent Stake | 53% |
Notes | The Mulbergers were paid $36 million but Grace soon discovered that its purchase was significantly undervalued. Because of its cash reserves and growing importance within the industry, Miller was a prime acquisition target; in 1969 management at Grace decided to sell its interest in Miller to PepsiCo for $120 million. Yet suddenly, and without warning, Grace canceled the agreement and almost immediately sold its shares to Philip Morris for $130 million. |