BAT Makes Approach to Reynolds American; Offer Looks Slightly Rich at First Glance
British American Tobacco announced that it has made an offer to acquire the remaining 57.8% of Reynolds American it does not already own for a total consideration of $47 billion, or $56.50 per share. Our initial impression is that the deal is slightly rich, and we may adjust our fair value estimate for BAT when we have combined the DCF models. However, the deal would create a truly global tobacco giant, merging two wide-moat companies, and would slightly enhance BAT's competitive positioning.Th...
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