On November 14, 2011, Reynolds American Inc. (“RAI”) announced that its Board of Directors had authorized the repurchase of up to $2.5 billion of the company’s outstanding common stock over the next two and one-half years. British American Tobacco p.l.c. will participate in the new share repurchase program through its wholly owned subsidiary, Brown & Williamson Holdings, Inc., which owns approximately 42 percent of RAI’s outstanding common stock. Cravath represented British American Tobacco and Brown & Williamson in connection with this transaction.
The Cravath team included partners Philip A. Gelston and Sarkis Jebejian and associate David E. Owen on corporate matters; and partner Michael L. Schler on tax matters.