	gillette gs seen object of global bidding war ronald perelman head of revlon group inc rev may be trying to ignite a bidding war for gillette co that could draw some big international players and in the process make a lot of money for himself wall street analysts said several hours before a regularly scheduled board of directors meeting gillette disclosed that perelman requested consent of its board for an offer of at least dlrs per share perelman needed the consent because he agreed in november not to buy stock for years without permission i think ronald perelman is less interested in gillette and more interested in putting gillette into play because he stands to make a ton of money said andrew shore analyst at shearson lehman brothers inc in play is a term used on wall street to describe what happens when a company becomes an unwiling takeover target shore noted that according to the agreement revlon gets paid if there is any uisition of gillette through november of this year at a price higher than dlrs per share gillette rose three to today following a gain of three yesterday the agreement would be calculated on the basis of perelman s previous holding of mln shares adjusted for a split for example a deal between gillette and some other company at dlrs per share would make revlon richer by mln dlrs under the formula neither perelman nor his spokesmen returned telephone calls seeking comment revlon stands to make a substantial amount of money if someone else takes over gillette said analyst deepak raj of merrill lynch and co i m not saying that is going to happen but gillette is an undervalued stock with a breakup value of dlrs per share shore of shearson lehman said there are a couple of reasons why perelman may not be really interested in uiring gillette he said perelman in the process of taking revlon private after uiring control of the cosmetics company two years ago probably wants to concentrate on improving revlon s operations he s trying to overhaul and improve the image of the dearptment store business another reason is that revlon has recently made two other uisitions under those circumstances shore would not be surprised if some company such as unilever plc un as or procter and gamble co pg decided to take a look at gillette shore mentioned half a dozen other potential buyers for gillette including sir james goldsmith hanson trust plc han rjr nabisco inc rjr american brands inc amb and ralston purina co ral perelman is trying to put the company in play said a wall street arbitrageur he gets to share in the upside if the company is sold another arbitrageur said he expects gillette to resist perelman s overture i can t see the board consenting what has changed between november and now he said another arbitrageur said he was not sure what was going on perelman never does anything without a fair amount of calculation he said but he added the gillette board has to be careful they just can t say no or they ll be sued by shareholders gillette s board was still meeting at edt three and one half hours after the scheduled starting time according to a copy of perelman s letter released by gillette he would be prepared to sign a defnitive merger agreement without any financing condition he said citibank n a is his lead lender and first boston inc is his financial adviser reuter 
