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Jump to full article: Forbes, 2008-06-10
Author: Melinda Peer, 06.10.08, 1:45 PM ET
Intro: Break-ups are never easy as Loews and Lorillard discovered when the divvying up of shares got a little messy.
On Tuesday, Loews said its share exchange offer with former subsidiary, Lorillard, has been oversubscribed. Loews, a conglomeration that operates offshore drilling rigs, hotels and an insurance company, among other ventures, said it would accept 93.5 million shares of Loews stock in exchange for 65.4 million Lorillard shares, reflecting an exchange ratio of 0.70.
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