- The board of directors of Reynolds American (NYSE:RAI) has formed a committee of independent directors, not designated by British American Tobacco (NYSEMKT:BTI), to evaluate the latter's $47B takeover offer.
- Goldman Sachs, JPMorgan and Lazard have been retained as financial advisors to the transaction.
- In light of the evaluation, Reynolds has canceled its investor day scheduled for Nov. 14, 2016.