15th Nov 2016 06:31
LONDON (Alliance News) - Reynolds American Inc, the second-largest cigarette seller in the US, is seeking a higher price from British American Tobacco PLC after rejecting a USD47 billion buyout offer as too low, Bloomberg reported citing people familiar with the matter.
The tobacco giants are in talks and BAT is willing to increase the price slightly. BAT, which already owns 42% of Reynolds, disclosed its proposal to acquire the rest of the company on October 21.
BAT offered USD47.00 billion to buy the 57.8% of Reynolds American it does not already own. BAT owns Lucky Strike, Dunhill and Pall Mall cigarettes.
Copyright RTT News/dpa-AFX
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