Philip Morris bid for Rothmans succeeds
NEW YORK (Reuters) - Philip Morris International (PM.N) said on Wednesday that it succeeded in its tender offer to acquire Canada's No. 2 cigarette maker Rothmans Inc ROC.TO.
Philip Morris, maker of Marlboro cigarettes, said 67.8 percent of Rothmans shares were tendered.
The company also said it extended the offer period for an additional 10 days, noting that its C$30.00 per share all-cash offer will expire at 11:59 p.m. Toronto time on September 29.
Rothmans' sole holding is a 60 percent stake in cigarette maker Rothmans Benson & Hedges Inc. Philip Morris already owned 40 percent of the cigarette maker.
(Reporting by Martinne Geller, editing by Dave Zimmerman)
We are living longer but not creating financial plans to keep pace. Advisers give tips on how to make sure you don’t outlive your money. Video