Reynolds American (RAI) was one of the worst performers on news the tobacco company will secure Lorillard’s (LO) debt as part of its nearly $30 billion merger with the company.
Lorillard (LO) shares continue to gain after FTC approval of its $27.4 billion takeover deal by Reynolds American (RAI).
Stocks extend gains by mid-afternoon Wednesday.
Reynolds American Inc. (RAI) and Lorillard Inc. (LO) were granted approval late Tuesday by the Federal Trade Commission to complete the previously announced $27.4 billion merger.
Shares of Lorillard (LO) are climbing after FTC cleared tobacco company Reynolds American (RAI) to buy Lorillard for $27.4 billion.