Blogs & Comment

Canada loves you Philip Morris

Philip Morris International Inc. announced it has succeeded in its $30-a-share bid to purchase Toronto-based Rothmans Inc. PMI has received nearly 68%, ok 67.8% to be exact, of outstanding Rothmans common shares.
Previously PMI noted the acquisition required approval from Canada’s Industry Minister Jim Prentice, who was to review the deal in light of its net benefit to Canada under the Investment Canada Act. Well, accordingto PMI, Minister Prentice gave the two companies the go ahead last Friday.
PMI has also announced it has extended the expiry of its offer, again. This time Rothmans shareholders have until Sept. 29 to tender their shares to PMI.