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British American Tobacco agreed in July 2017 a 49.4 billion takeover of its US rival Reynolds American, creating the world's biggest listed tobacco company. By that date, BAT acquired the remaining 57.8% of Reynolds American that it didn't already owned. Although the first approach of BAT for the combination was rejected at first, both companies' shareholders agreed with the merge, leading this to a friendly operation.

The US rival (Reynolds American) is now a subsidiary of the parent company (BAT), and it keeps its name like before(no changes regarding it). Regarding some financial issues about the deal:

- For every RAI share, holders received 29.44 in cash, without interest, plus a number of BAT American Depository Shares (BAT ADSs), with represents 0.5260 of a BAT ordinary share.  It said, a 26% premium over the price of the stock on the day before BAT's first offer was made public. Pursuant to the merger agreement, any fractional BAT ADSs will also be sold at then-prevailing market prices and holders will receive their pro rata share of the net proceeds. 
- Reynolds shares no longer trade on the NYSE. 
-All BAT ADSs, including those issued to Reynolds shareholders in connection with the acquisition, will be listed on the NYSE with the symbol BTI. 

Valoración múltiplos IPO

El resultado de la valoración tiene la siguiente forma: 

Por ejemplo, si una empresa A privada encarga a un banco de inversión estimar un posible precio por acción para salir a bolsa (IPO), una manera rápida de hacerse una idea es a partir de los beneficios de la empresa A (que suelen ser pedidos a la misma empresa o estimados a partir de los datos de mercado) y el ratio PER de la empresa B (precio B/beneficio neto B) realizar la operación: 

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