Under the terms of the agreement, JT Group will offer to acquire all outstanding shares of Vector Group common stock for $15.00 per share in cash, which represents a premium of 29.9% over the 60-day volume-weighted average share price, or approximately $2.4 billion of total equity value (in addition to redemption or repayment of debt), through a tender offer and second-step merger. The Boards of Directors of both companies have unanimously approved the merger agreement. Details regarding the process will be available in Vector Group's Recommendation Statement for the tender offer, which Vector Group will file shortly with the Securities and Exchange Commission ("SEC"). After closing, Vector Group will become a wholly owned subsidiary of JT Group.