British American Tobacco Plc. (BATS.L,BTI) has filed with the Brazilian securities regulator, the Comissão de Valores Mobiliários or CVM, a request to register a public tender offer to acquire up to all of the 24.7 percent of Souza Cruz shares which are not currently owned by the company and to delist the company.
The filing was made through the company's Brazilian controlled company British American Tobacco Prestação de Serviços Ltda.
The offer for Souza Cruz's shares is at a price per share of R$26.75, to be paid in cash, in Brazilian Reais, and to be reduced by any dividend paid by Souza Cruz.
A price of R$26.75 per share would represent a premium of 30 percent to Souza Cruz's volume weighted average closing share price over the three months to February 20, the last trading day before BAT's possible offer for Souza Cruz was announced.
The offer is subject to prior approval by the CVM. Upon approval, a formal offer can be made.
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