Shares of Vector Group Ltd. (VGR) were gaining more than 6 percent in the pre-market activity on the NYSE after the holding company announced Wednesday its definitive agreement to be acquired by Japan's JT Group (JAPAF.PK,JAPAY.PK), operating in tobacco, pharmaceuticals and processed food,. The deal price is around $2.4 billion of total equity value, in addition to redemption or repayment of debt.
Under the deal terms, JT Group will offer to acquire Vector Group common stock for $15.00 per share in cash through a tender offer and second-step merger
The per share price represents a premium of 29.9% over the 60-day volume-weighted average share price.
The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions.
After closing, Vector Group, the holding company for Liggett Group LLC, Vector Tobacco LLC and New Valley LLC, will become a wholly owned subsidiary of JT Group.
Howard Lorber, President and Chief Executive Officer of Vector Group, said, "Vector Group and JT Group share a commitment to quality and excellence and providing consumers an outstanding value proposition in the U.S. cigarette market."
In the deal, Jefferies LLC served as exclusive financial advisor to Vector Group. J.P. Morgan Securities LLC and J.P. Morgan Securities plc are serving as exclusive financial advisor to JT Group.
In pre-market activity on the NYSE, Vector Group shares were gaining around 6.4 percent to trade at $14.88.
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