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twitterTobbaco giant offers to buy small cigarette maker
Friday, Nov. 23, 2001 | 10:09 a.m.
RALEIGH, N.C. -- R.J. Reynolds Tobacco Holdings Inc., the second-largest cigarette maker in the United States, announced an offer to buy Santa Fe Natural Tobacco Co., the maker of American Spirit cigarettes.
RJR said in a statement today that it had offered $320 million in cash for Santa Fe Natural, which a month ago agreed to a $275 million buyout by Rothmans Inc., Canada's second-largest cigarette manufacturer behind Imperial.
Rothmans, whose brands include Benson and Hedges, has five days to respond to the RJR announcement.
The sale to RJR is subject to approval by shareholders and regulatory officials. If approved, Santa Fe Natural would continue to operate from its Santa Fe, N.M., headquarters as a wholly owned, independent subsidiary of RJR.
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