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Rothmans behind in bidding war 

Reynolds increases cash offer for Spirit cigarette firm
Jump to full article: National Post (ca), 2001-12-05
Author: Michael Lewis

Intro:

Rothmans Inc. appears to have lost a bidding war for the maker of the popular additive-free Spirit cigarettes to R.J. Reynolds Tobacco Holdings Inc., the second-largest tobacco company in the United States.

R.J. Reynolds on Monday increased its all-cash offer for privately held Santa Fe Natural Tobacco Co. to US$340-million from US$320-million.

Toronto-based Rothmans said yesterday it "does not contemplate increasing the value" of its US$353.7-million cash, debt and stock takeover bid, noting that it would receive a US$11-million break-up fee if R.J. Reynolds succeeds

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