E-II Holdings Inc. rejected an $875-million takeover...

E-II Holdings Inc. rejected an $875-million takeover offer by American Brands Inc. as inadequate, but said in a filing with the Securities and Exchange Commission that it would still consider selling if a “serious” offer is received. Despite the rejection, the chairmen of both companies met later to discuss the $13-a-share tender offer, American Brands said. A spokesman for Chicago-based E-II would not comment on the meeting after its conclusion, and a spokesman for American Brands could not be reached. Old Greenwich, Conn.-based American Brands made its surprise offer for E-II Holdings after E-II upped its stake in the diversified tobacco, spirits and financial company to 6.4% and threatened to eventually gain control.