The board of directors of Reynolds American Inc. (NYSE:RAI) has formed a Transaction Committee consisting of independent directors not designated by British American Tobacco p.l.c. (BAT) to evaluate the Oct. 20, 2016, non-binding proposal from BAT to acquire the shares of RAI common stock that BAT does not currently own.
The Transaction Committee has retained Weil, Gotshal & Manges LLP and Moore & Van Allen PLLC as legal counsel, and Goldman, Sachs & Co. as financial advisor to assist the Transaction Committee in its evaluation of BAT’s proposal.
In addition, RAI has retained Jones Day as legal counsel and J.P. Morgan Securities LLC and Lazard as financial advisors.
In light of the evaluation of BAT’s proposal, RAI has cancelled its investor day scheduled for Nov. 14, 2016.
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