UST Shareholders Approve Acquisition by Altria

Source from:  Tobacco Reporter 12/08/2008

UST Inc announced yesterday that a special shareholder meeting held earlier that day in New York had voted in favor of the company's acquisition by the Altria Group. The transaction, which is expected to be completed during the first full week of January and no later than January 7, calls for UST shareholders to receive $69.50 in cash for each share of outstanding UST common stock. Following the acquisition, UST will become a wholly-owned subsidiary of Altria. "We are pleased that an overwhelming majority of shareholders agreed with the board that this transaction is clearly in the best interests of shareholders," said Murray S. Kessler, UST chairman and CEO. "With federal antitrust review and shareholder approval now secured, we look forward to closing the deal in early January." Enditem