Reynolds American to buy Lorillard in $27.4 billion deal
Reuters
Published Jul 15, 2014 07:20AM ET
Updated Jul 15, 2014 07:40AM ET
Reynolds American to buy Lorillard in $27.4 billion deal
(Reuters) - Camel cigarettes maker Reynolds American Inc (N:RAI) said it would buy rival Lorillard Inc (N:LO) in a cash-and-stock deal valued at $27.4 billion, including net debt.
Reynolds offered $68.88 per Lorillard share, representing a premium of 2.5 percent to Lorillard's Monday closing.
Reynolds also said it would sell its KOOL, Salem, Winston, Maverick and blu eCigs brands and other assets to Imperial Tobacco Group (L:IMT) for $7.1 billion in cash.
(Reporting by Siddharth Cavale in Bangalore; Editing by Saumyadeb Chakrabarty)
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