06:42 AM EDT, 08/21/2024 (MT Newswires) -- Vector Group ( VGR ) said Wednesday that it has agreed to be acquired by Japan's JT Group which operates in tobacco, pharmaceuticals and processed food.

JT Group plans to acquire all outstanding shares of Vector Group's ( VGR ) common stock for $15 per share in cash for a total equity value of $2.4 billion through a tender offer and second-step merger.

The boards of directors of both companies have unanimously approved the merger.

The deal is slated to be completed in Q4.

Vector Group's ( VGR ) shares were up more than 6% during recent premarket activity on Wednesday.

Price: 14.86, Change: +0.87, Percent Change: +6.22