American Brands Will Bid for E-II
American Brands Inc. said Thursday that it plans to begin an $803-million tender offer for E-II Holdings Inc., the Beatrice Co. spinoff that owns about 5% of American Brands.
American Brands’ move apparently turns the tables on E-II, whose chairman, Donald Kelly, met last week with American Brands officials to discuss a friendly merger proposal between the two firms, industry analysts said.
American Brands, whose most famous products include Carlton cigarettes, Jim Beam whiskey and Jergen’s hand lotion, said it would begin the $13-a-share tender offer today.
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