BAT Makes Approach to Reynolds American; Offer Looks Slightly Rich at First Glance
British American Tobacco announced an offer to acquire the 57.8% of Reynolds American it does not already own for $47 billion, or $56.50 per share. We are putting Reynolds under review to further assess the offer, but we will likely considerably raise our $47 fair value estimate. We may also adjust our valuation for BAT. The deal would create a global tobacco giant, merging two wide-moat companies, and would slightly enhance BAT's competitive positioning. However, our initial impression is that ...
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