Lorillard Sized-up Ahead of Spin-Off

Source from:  tr.itsmyiq.com Jun 5, 2008 06/10/2008

Lorillard Inc, which is due to be spun off by the Loews Corp. on June 10, may attract takeover bids from Reynolds American and the Imperial Tobacco Group, according to a report by Chris Burritt for Bloomberg. Lorillard is being distributed to the public via a two-tier process involving 1) the retirement of the tracking stock Carolina Group, in exchange for which about 62 per cent of Lorillard's common stock will be issued, and 2) an offer in which shares of S&P 500-constituent Loews can be exchanged for the remaining shares of Lorillard. Lorillard will replace Ambac Financial Group Inc. in the S&P 500 after the close of trading on June 10. Enditem