The transaction, which is expected to close during the first full week of January 2009 and no later than January 7, calls for UST shareholders to receive $69.50 in cash for each share held of outstanding UST common stock. Upon closing, UST will become a wholly-owned subsidiary of Altria. On Oct. 16, 2008, the companies announced that Altria's proposed acquisition of UST passed [image-nocss] federal antitrust review.
"We are pleased that an overwhelming majority of shareholders agreed with the Board that this transaction is clearly in the best interests of shareholders," said Murray S. Kessler, UST chairman and chief executive officer. "With federal antitrust review and shareholder approval now secured, we look forward to closing the deal in early January."
New York City-based Altria is the parent company of Philip Morris USA, Richmond, Va.
UST Inc. is a holding company for its principal subsidiaries: U.S. Smokeless Tobacco Co. and Ste. Michelle Wine Estates. U.S. Smokeless Tobacco is a leading producer and marketer of moist smokeless tobacco products including Copenhagen, Skoal, Red Seal and Husky. Ste. Michelle Wine Estates produces and markets premium wines sold nationally under more than 20 different labels including Chateau Ste. Michelle, Columbia Crest, Stag's Leap Wine Cellars and Erath, as well as exclusively distributes and markets Antinori products in the United States.
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