Following discussions with the JSE, British American Tobacco p.l.c.(BAT) announces that it will make an offer for the outstanding ordinary stock units of 25 cents each of Carreras Gp. at a price of JA$30 per stock unit. This offer will be made in compliance with Rule 19 of the Rules governing Take-overs and Mergers of the JSE. Subsidiaries of BAT now control 50.4% of Carreras.
In accordance with the requirements of the JSE, the offer is at the highest price per stock unit paid by BAT to acquire 50% of the voting rights of Carreras Group.
BAT operates in many countries around the world with minority shareholders and experience has shown that this arrangement is an effective way to maximize the returns on shareholder investment. While we are required to make this offer, in doing so we are not seeking to acquire any more shares in Carreras. BAT wishes to work with the management of Carreras for the long-term benefit of the group and all shareholders and would like to see Carreras remain a public listed company on the JSE.
This offer will be made by a subsidiary of BAT and will be for the existing issued stock units together with all rights attaching to them at the date of this announcement or which subsequently become attached to them. The documentation containing the formal offer and the detailed terms will be circulated in due course.