British American Tobacco (BAT), on Monday, confirmed that it is evaluating a possible public tender offer to acquire  the outstanding 24.7 percent of Brazilian tobacco firm, Souza Cruz, shares which are not currently owned by BAT.

Any offer for Souza Cruz’s shares would be at a price per share of R$26.75 to be paid in cash, in Brazilian Reais, and to be reduced by any dividend paid by Souza Cruz.

A price of R$26.75 per share would represent a premium of 30.0 percent to Souza Cruz’s volume weighted average closing share price over the three months to Friday 20 February 2015 (being the last trading day before the date of announcement).

The consummation of the offer is still subject to, inter alia, BAT’s Board approval and the finalisation of an appraisal report by an independent evaluator which is required in accordance with the relevant Brazilian rules.

BAT has brands sold in more than 200 markets. It employs more than 57,000 people worldwide and has over 200 brands in its portfolio, with its cigarettes chosen by one in eight of the world’s one billion smokers.

The cigarette maker has leadership in more than 60 markets around the world.