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Jump to full article: Winston-Salem (NC) Journal, 2004-11-09
Intro: Dimon Inc., the world's second-largest tobacco-leaf dealer, agreed yesterday to buy smaller competitor Standard Commercial Corp. of Wilson, N.C., for about $255 million in stock.
The transaction values Standard Commercial's 13.7 million outstanding shares at $18.66 each, a 13.8 percent premium, according to the companies' joint statement.
Including Standard Commercial's debt minus its cash as of June 30, the transaction is valued at about $670 million.
Dimon shareholders will control 52 percent of the new DimonStandard Inc., which will be headed by Brian Harker, Dimon's chief executive.
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