Reynolds American has reportedly rejected British American Tobacco's $47 billion takeover offer

The cigarette-seller Reynolds American has rejected British American Tobacco's $47 billion buyout offer, according to Bloomberg's Ruth David, Dinesh Nair, and Manuel Baigorri.

The American company is seeking a higher price, according to the report, and BAT is willing to increase its offer slightly.

BAT currently holds a 42% stake in the company.

BAT first made an offer to buy Reynolds last month.

More to come...