The offer values the existing ordinary issued share capital of Gallaher at US$ 14.7 billion. This represents a 27 per cent premium over the average Gallaher price over the past three months and a 16.4 per cent premium over the closing price on the day the UK tobacco group announced that it was in talks.
A successful acquisition of UK-based Gallaher, the fifth largest tobacco company worldwide, would be the largest purchase of a foreign company by a Japanese firm and the biggest tobacco deal in history. The take-over would consolidate the position of Japan Tobacco as the world's third-biggest tobacco group. (pi)