CVC & PAI Offer to Buy Altadis

CVC Capital Partners and PAI Partners have finally delivered their long-expected rival proposal for the acquisition of the Franco-Spanish tobacco company Altadis.

Their preliminary offer is at an indicative price of EUR 50 per Altadis share in cash, higher than the EUR 47 per share, EUR12 billion(US$17.65bn) revised proposal from Imperial Tobacco, which has been rejected by Altadis.

The CVC/PAI offer is subject to due diligence, the raising of bank debt, regulatory approvals and a positive recommendation from the Altadis board. The offer is also subject to acceptance by 75% of Altadis