Icahn to Buy 1.6 Million Shares of Vector Group

Vector Group Ltd., a holding company that indirectly owns discount cigarette maker Liggett Group Inc., said Carl Icahn plans to buy about 1.64 million of its common shares for about $50 million, giving the billionaire financier about 13% of the tobacco company’s outstanding shares.

Miami-based Vector said it entered an agreement in which High River, owned by Icahn, will buy the shares at $30.50 apiece.

Shares of Vector rose $1.50 to close at $33.60 on the NYSE.