Source:Richard Craver, WINSTON-SALEM JOURNAL, 5/17/17


The independent board members of Reynolds American Inc. turned British American Tobacco Plc away three times before settling on an acquisition price in January, the companies disclosed in a regulatory filing. In the end, the willingness of BAT’s board of directors to add a one-thousandth share of BAT ordinary stock to the offer — raising it to 0.526 shares for each Reynolds share, or a $30.20 value per share— was enough to seal the deal.

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