By Tapan Panchal 

LONDON--British American Tobacco PLC (BATS.LN) said Monday it is evaluating a possible offer to acquire the remaining 24.7% shares in Brazilian tobacco company Souza Cruz SA (CRUZ3.BR) that it doesn't already own.

The company is evaluating an offer to acquire Souza Cruz shares at a price of 26.75 Brazilian reals ($9.3) per share, to be paid in cash, and to delist the company.

Shares of British American Tobacco at 1236 GMT were trading 1.3% higher at 3,705 pence.

-Write to Tapan Panchal at tapan.panchal@wsj.com

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