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Philip Morris extends Rothmans bid pending review
OTTAWA (Reuters) - Philip Morris International (PM.N) said on Friday it will extend its offer to buy Canada's No. 2 cigarette maker, Rothmans Inc ROC.TO, to Sept 16, pending a Canadian regulatory review.
Philip Morris, which has offered C$30 ($28.30) a share for Rothmans in a deal valued at about C$2 billion, said the extension is procedural and relates to the last required regulatory approval.
The extension to midnight (Vancouver time) Sept 16 will allow the Ministry of Industry to complete work determining the deal's net benefit, Philip Morris said.
The transaction has already received an advance ruling certificate from the Canadian Commission of Competition.
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.
The companies said in July, prior to announcing the deal, that they had already paid a C$100 million fine and agreed to pay C$450 million more over the next 10 years to settle a case after pleading guilty to helping smugglers.
($1=$1.06 Canadian)
(Reporting by Susan Taylor; Editing by Frank McGurty)
