The Baby Care and Family Care division provides baby wipes, diapers and pants, paper towels, tissues, and toilet papers primarily under the Bounty, Charmin and Pampers brand names.

So we can plainly see why Ackman and a host of other PG investors are excited about the possibility of this diverse conglomerate spinning off a division or two for good measure and for shareholder delight.

The discussions by management and the revealing of PG's fiscal second-quarter 2012 numbers Friday should be quite the show, and may lead to quite the showdown. I'll be picking up more shares if the stock drops to $67.04 or lower. New investors may want to wait till after the big showdown before carefully accumulating shares.

At the time of publication the author had a position in PG.

This article was written by an independent contributor, separate from TheStreet's regular news coverage.

Jim Cramer and Stephanie Link actively manage a real money portfolio for his charitable trust. Enjoy advance notice of every trade, full access to the portfolio, and deep coverage of the latest economic events and market movements.

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