Key Developments: Lorillard Inc (LO.N)
21 Nov 2014
Latest Key Developments (Source: Significant Developments)
Lorillard Inc announced that its Board of Directors amended the Company's existing $500 million share repurchase program to authorize an additional $500 million in repurchases, authorizing the Company to repurchase in the aggregate up to $1.0 billion of its outstanding common stock. The original $500 million share repurchase program was announced on March 8, 2013. Purchases by the Company under this program may be made from time to time at prevailing market prices in open market purchases, privately negotiated transactions, block purchase techniques or otherwise, as determined by the Company's management. Full Article
Lorillard Inc announced that it has priced an underwritten public offering of an aggregate principal amount of $500 million 3.75% senior notes due 2023 through its main operating subsidiary, Lorillard Tobacco Company, and guaranteed by Lorillard, Inc. Lorillard, Inc. expects to close the sale of the notes on May 20, 2013, subject to customary closing conditions. The net proceeds from the offering will be used for general corporate purposes, which may include, among other things, the repurchase, redemption or retirement of securities including its common stock, acquisitions, additions to working capital and capital expenditures. Barclays Capital Inc., Goldman, Sachs & Co., Wells Fargo Securities, LLC, Fifth Third Securities, Inc., J.P. Morgan Securities LLC and RBS Securities Inc. are acting as joint book-running managers. Full Article
Lorillard Inc announced the declaration of a quarterly dividend on its common stock in the amount of $0.55 per share, payable on June 10, 2013 to stockholders of record as of May 31, 2013. Full Article
Lorillard Inc announced that the Company's Board of Directors approved a new share repurchase program, authorizing the Company to repurchase in the aggregate up to $500 million of its outstanding common stock, which is expected to be completed over the course of 2013. Purchases by the Company under the new program may be made from time to time at prevailing market prices in open market purchases, privately negotiated transactions, block purchase techniques or otherwise, as determined by the Company's management. Full Article
WASHINGTON - Cigarette maker Reynolds American's proposal to buy smaller rival Lorillard Inc presents antitrust regulators with a conundrum: Their mandate is to prevent higher prices because of mergers, but U.S. public policy aims to make cigarettes more expensive to discourage smoking.