FTC Requests Additional Info from Reynolds American (RAI), Lorillard (LO) on Pending Deal
- Top 10 News for 9/8 - 9/12: Apple's Main Event; Boeing Inks Mega Deal; Routed RadioShack (Slightly) Recovers
- Apple (AAPL) Reports Record Pre-Orders for iPhone 6
- Darden Restaurants (DRI) Reports In-Line Q1 EPS; Guides Q2 EPS to Strong Side
- Unusual 11 Mid-Day Movers 9/12: (NETE) (CNVR) (VNET) Higher; (AMRN) (RSH) (RCPI) Lower
- Alibaba (BABA) Plans Closing Books Early After IPO Covered (YHOO)
Reynolds American Inc. (NYSE: RAI) and Lorillard, Inc. (NYSE: LO) announced that each company has received a request for additional information ("second request") from the Federal Trade Commission ("FTC") in connection with Reynolds American's pending acquisition of Lorillard and divestiture of select brands to Imperial Tobacco Group, PLC (LON: IMT). The second request was issued under notification requirements of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the "HSR Act") and is a normal part of the regulatory review process.
The effect of the second request is to extend the waiting period imposed by the HSR Act until 30 days after Reynolds American and Lorillard have substantially complied with the request, unless that period is extended voluntarily by both parties or terminated sooner by the FTC. Reynolds American and Lorillard will continue to cooperate fully with the FTC as it conducts its review of the proposed acquisition and divestiture. In addition to the expiration of the waiting period under the HSR Act, both the Reynolds American acquisition of Lorillard as well as the Imperial transaction remain subject to shareholder and other approvals, as well as other customary closing conditions. The companies continue to expect the transactions to close in the first half of 2015.
You May Also Be Interested In
- UPDATE: Hewlett-Packard (HPQ) May Sell Snapfish - Reuters
- HSBC (HSBC) Reports RMBS Settlement with FHFA
- Advisory: RAI selected again to Dow Jones Sustainability North America Index
Create E-mail Alert Related CategoriesHot Corp. News, Litigation, Mergers and Acquisitions
Related EntitiesDefinitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!