Loews accepts 54.1% of shares tendered in exchange offer for Lorillard common stock

By Lisa Kerner

Charlotte, N.C., June 13 - Loews Corp. said it accepted 93,492,857 shares of its common stock in exchange for 65,445,000 shares of Lorillard, Inc. common stock, for a final exchange ratio of 0.7.

The exchange offer ended June 9, according to a Loews news release.

Because the offer was oversubscribed, Loews accepted only a portion of its shares that were validly tendered on a pro rata basis in proportion to the number of shares tendered for a final proration factor of 54.1%, the release stated.

Mellon Investor Services LLC, the exchange agent, reported a final count of 171,506,287 shares of Loews common stock tendered for exchange, including 1,461,940 shares tendered by odd-lot holders electing not to be subject to proration.

In December, Loews announced it would spin off its interest in Lorillard to holders of its Carolina Group stock and Loews common stock in a tax-free transaction.

It was previously reported that shares of Lorillard common stock will began trading on the New York Stock Exchange under the symbol "LO."

Loews is a New York-based energy, financial services and tobacco conglomerate.

Lorillard, through its subsidiaries, produces and sells cigarettes under brand names including Newport, Kent and Old Gold.

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