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"Reverse Morris Trust" Deal Structures

April 7, 2011
Bloomberg Law Reports


Procter & Gamble (P&G) announced on April 5, 2011 that it had signed an agreement to merge its Pringles business into Diamond Foods under a so-called "Reverse Morris Trust" structure. P&G has successfully employed this structure in previous deals. These structures are exceptionally complicated, but have unique benefits that have kept them in use.