The Reynolds American (RAI) Board of Directors has created a panel to consider British American Tobacco’s USD 47 billion (EUR 43 billion) takeover offer tabled 20 October, the company said.

Investment house Goldman, Sachs & Co will advise the panel that RAI dubbed the Transition Committee. RAI also engaged JP Morgan Securities and Lazard as financial advisers. Due to the offer evaluation, RAI said it would cancel its investor day scheduled for 16 Nov.