UPDATE: Reynolds American (RAI) Said to Reject $47B Offer from British American Tobacco (BTI)

November 14, 2016 3:23 PM EST

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(Updated - November 14, 2016 3:28 PM EST)

Reynolds American (NYSE: RAI) said to reject British American Tobacco (NYSE: BTI) $47 billion buyout offer, according to Bloomberg headlines.

UPDATE - Sources said that BAT is willing to increase the price slightly and talks are ongoing.

BAT currently owns $42 percent of Reynolds.

Shares of Reynolds American are down 1 percent Monday.

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