8-K
filed October 7, 2024, 7:59 PM ET
CIK 0000059440
M&A
confidence high
sentiment neutral
materiality 1.00
VECTOR GROUP LTD: M&A transaction — Vector Group acquired by JTI for $15.00/share cash; merger completed, delisting from NYSE
VECTOR GROUP LTD
- Merger closed October 7, 2024; Vector Group now wholly owned by JTI (US) Holding Inc.
- Tender offer accepted 108.1M shares (~68.67% outstanding); total consideration ~$3.4B.
- Shares to be delisted from NYSE; company will file Form 15 to suspend SEC reporting.
- Directors resigned effective immediately after closing; President/CEO Howard Lorber and others terminated without cause.
- SERP amended for CFO Kirkland; retention awards for President of Liggett Vector Brands.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Richard J. Lampen was terminated as Executive Vice President and Chief Operating Officer at VECTOR GROUP LTD.
- Action
- terminated
- Role
- Executive Vice President and Chief Operating Officer
Exact text from the filing
The Company has determined that it will terminate the employment of Messrs. Lorber, Lampen, Kirkland and Bell, with such terminations becoming effective on the Closing Date but following the Closing.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.7
Howard Lorber was terminated as Chief Executive Officer at VECTOR GROUP LTD.
- Action
- terminated
- Role
- Chief Executive Officer
Exact text from the filing
The Company has determined that it will terminate the employment of Messrs. Lorber, Lampen, Kirkland and Bell, with such terminations becoming effective on the Closing Date but following the Closing.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
J. Bryant Kirkland III was terminated as Senior Vice President, Chief Financial Officer and Treasurer at VECTOR GROUP LTD.
- Action
- terminated
- Role
- Senior Vice President, Chief Financial Officer and Treasurer
Exact text from the filing
The Company has determined that it will terminate the employment of Messrs. Lorber, Lampen, Kirkland and Bell, with such terminations becoming effective on the Closing Date but following the Closing.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Marc N. Bell was terminated as Senior Vice President, General Counsel and Secretary at VECTOR GROUP LTD.
- Action
- terminated
- Role
- Senior Vice President, General Counsel and Secretary
Exact text from the filing
The Company has determined that it will terminate the employment of Messrs. Lorber, Lampen, Kirkland and Bell, with such terminations becoming effective on the Closing Date but following the Closing.
View on SEC.gov
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
VECTOR GROUP LTD: The company's bylaws were amended and restated in their entirety at the Effective Time.
- Change
- bylaw amendment
Exact text from the filing
at the Effective Time, the Company’s by-laws (“By-Laws”) were amended and restated in their entirety.
View on SEC.gov
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
VECTOR GROUP LTD: The certificate of incorporation was amended and restated in its entirety at the Effective Time.
- Change
- charter amendment
Exact text from the filing
at the Effective Time, the certificate of incorporation of the Company (the “Certificate of Incorporation”) was amended and restated in its entirety.
View on SEC.gov
M&A Transactions
SEC 8-K Item 2.01/5.01
confidence 0.9
VECTOR GROUP LTD underwent a change of control involving JTI (US) Holding Inc. for $15.00 in cash per Company Share (closed 2024-10-07).
- Action
- change of control
- Counterparty
- JTI (US) Holding Inc.
- Consideration
- $15.00 in cash per Company Share
- Closing
- 2024-10-07
Exact text from the filing
Merger Agreement”), with JTI (US) Holding Inc., a Delaware corporation (“Parent”), and Vapor Merger Sub Inc.,
View on SEC.gov
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