Rothman Stock Up on Phillip Morris Bid

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Includes: PM, RMANF
by: FP Trading Desk

Rothmans Inc. (OTC:RMANF) shares were up more than 13% Thursday afternoon after Philip Morris International Inc. (NYSE:PM) said it will acquire Rothmans for roughly C$2-billion or C$30 per share. 

The deal gives Philip Morris the remaining 60% stake in Rothmans Benson & Hedges Inc, Canada's second largest cigarette maker.  Philip Morris already owned the other 40%.  

On Thursday afternoon Rothmans' stock was up C$3.53 to C$29.70.