Brazil: British American Tobacco Announces Offer For Souza Cruz

Source from:  NASDAQ 09/11/2015

British American Tobacco plc (BATS.L, BTI) confirmed that its Brazilian controlled company British American Tobacco Prestação de Serviços has launched a public tender offer to acquire up to all of the 24.7% of Souza Cruz shares which are not currently owned by BAT and to delist the company. The offer for Souza Cruz is at a price per share of 27.62, to be paid in cash, in Brazilian Reais.

British American Tobacco has signed an irrevocable undertaking with Aberdeen Asset Management under which Aberdeen agreed in return for an offer being launched, it will: consent to the delisting of Souza Cruz; and sell all of its shares to BAT as part of the offer process. Aberdeen is the largest shareholder in Souza Cruz after BAT and owns approximately 4.5% of the total shares issued by Souza Cruz. Enditem