Rothmans Says It Won’t Raise Bid
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Rothmans Inc. said it probably won’t raise its bid for Santa Fe Natural Tobacco Co., signaling victory for R.J. Reynolds Tobacco Holdings Inc. in its battle for the maker of organic cigarettes.
Santa Fe Natural told Rothmans Monday night that its board plans to recommend R.J. Reynolds’ $340-million all-cash bid, a company spokesman said.
Rothmans, Canada’s No. 2 tobacco company, had sweetened an earlier offer to $353.7 million in cash, debt and stock. It has until Monday to raise its bid.
Winston-Salem, N.C.-based R.J. Reynolds shares fell 2 cents to $57.47 on the NYSE.
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