Lorillard, Reynolds Plan Votes on Merger, Share-Issue Plans
October 18 2014 - 11:27PM
Dow Jones News
By Tripp Mickle
Lorillard (LO) and Reynolds (RAI) took a step forward in their
pending $25 billion deal, sending out a letter to shareholders late
Oct. 17 alerting them they will be asked to vote respectively on
the merger plan and share-issue plan in the future.
Lorillard and Reynolds didn't set a date for their separate
shareholder votes. The merger is still being reviewed by the
Federal Trade Commission, which is evaluating how the combined
company's stake in 33% of the tobacco market will affect consumers
and the industry.
Both companies' boards unanimously recommend their shareholders
approve the merger. When and if they will have a chance to do that
rests on when the FTC finishes its review.
Write to Tripp Mickle tripp.mickle@wsj.com
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