Reynolds American has reportedly rejected British American Tobacco's $47 billion takeover offer

The cigarette-seller Reynolds American has rejected British American Tobacco’s $47 billion buyout offer, according to Bloomberg’s Ruth David, Dinesh Nair, and Manuel Baigorri.

The American company is seeking a higher price, according to the report, and BAT is willing to increase its offer slightly.

BAT currently holds a 42% stake in the company.

BAT first made an offer to buy Reynolds last month.

More to come…

NOW WATCH: Twitter will lay off more than 300 employees to cut costs

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at