RAI approves stock for Lorillard acquisition

Reynolds American (RAI) shareholders today approved two proposals related to the company’s anticipated acquisition of Lorillard—the issuance of RAI common stock to shareholders of Lorillard and the issuance of RAI common stock to British American Tobacco.

Approval of both proposals is a condition to the obligations of Reynolds American and Lorillard to complete the deal. The completion of the merger remains subject to regulatory approvals and satisfaction or waiver of other conditions.

The transaction is expected to close in the first half of 2015.