RJ Reynolds, the US tobacco giant, is exploring a bid for its rival Lorillard in a deal that would shake up the industry at a time of plummeting smoking rates and the rise of electronic cigarettes.
The exact value of an RJR bid is not known, but any offer could value the company at more than $20bn, people familiar with the matter said. It is unclear if RJR is planning to bid for all of Lorillard, buy part of it, or seek a merger. No deal is certain, these people stressed.
Lorillard, which makes brands including Maverick, Old Gold and Kent, has a market value of $18.7bn and was an early mover into e-cigarettes, buying the Blu brand in 2012 for $135m. Analysts estimate e-cigarette sales reached $2bn last year, three times 2012’s figure.
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