UK private equity house CVC is said to be finalising a Euro12.8bn (US$17.2bn) bid for Franco-Spanish tobacco company Altadis.
As Thomson Merger News reported on 28 June, CVC and Imperial Tobacco, Altadis's UK rival, have both completed due diligence on the target.
Reports now claim that CVC is close to announcing an offer of Euro50 per Altadis share.
Imperial's previous offers of Euro45 and Euro47 per share were rejected. Analysts expect Imperial to wait until CVC has made a move before announcing any further bid.