e. Summarize the shareholder value expected from BAT’s plan based upon your recommendations and estimates in

(c) and (d). Rely on the low end of the analysts’ consensus as needed. Take into account that the combined effect of restructuring, share repurchase, and dividend increase can be expected to raise the pre-bid share price of 694 pence by about 15%. Compare the value of the BAT plan to that of Sir James’s bid