Lorillard declares quarterly divided

Lorillard has declared a quarterly dividend on its common stock of $0.66 per share. The dividend is payable on June 10 to stockholders of record as of the close of business on June 1.

But the dividend is dependent on whether or not the proposed acquisition of Lorillard by Reynolds American goes ahead.

‘As previously announced, on July 15, 2014, Lorillard and Reynolds American Inc. … entered into a definitive agreement in which Lorillard agreed to be acquired by Reynolds in a cash-and-stock transaction,’ Lorillard said in a note posted on its website.

‘The transaction remains subject to regulatory approval and the additional customary closing conditions contained in the merger agreement.

‘Although no assurance can be given if and when the transaction will be completed because it remains subject to regulatory approval and other customary conditions, the transaction is expected to close in the first half of 2015.

‘If the transaction is completed after the record date, Lorillard will pay the dividend to stockholders as of the record date. If the transaction is completed on or before the record date, the dividend will not be paid.’