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…