Lorillard Shareholders Overwhelmingly Approve Combination with Reynolds American

Source from:  PR Newswire 09/15/2015

Lorillard, Inc. (NYSE: LO) today announced that at a special meeting of shareholders held earlier today, the Company's shareholders voted overwhelmingly to approve the proposal regarding Lorillard's combination with Reynolds American Inc. (NYSE: RAI). The final results indicate that more than 98% of the shares voting at the special meeting voted in favor of the proposal, representing approximately 80% of all outstanding shares.

"I want to thank our shareholders for their continued support of this transaction, which will not only deliver significant value to Lorillard shareholders, but will also benefit our customers, consumers and employees," said Murray Kessler, Lorillard's chairman, president and chief executive officer.

As previously announced on July 15, 2014, Lorillard's Board of Directors approved a definitive agreement with RAI in which Lorillard shareholders will receive, for each Lorillard share, $50.50 in cash and 0.2909 of a share in RAI at closing. The transaction remains subject to regulatory approval and the additional customary closing conditions contained in the merger agreement. Although no assurance can be given if and when the transaction will be completed because it remains subject to regulatory approval and other customary closing conditions, the transaction is expected to close in the first half of 2015. Enditem