-Activist investor Elliott Administration Corp has determined to again Marlboro-maker Philip Morris Worldwide’s (PMI) $16 billion provide for Swedish Match AB, the Monetary Instances reported on Sunday.
Elliott has tendered its shares within the Swedish goal, the FT mentioned, bringing PMI nearer to the 90% threshold required for pressured redemption of remaining minority stakeholders.
PMI‘s provide had acquired greater than 80% shareholder acceptance on the newest depend on Friday and extra might be processed on Monday, the FT reported, citing sources accustomed to the matter.
The deadline for shareholders to tender shares expired on Friday at 1600 GMT.
U.S. investor Elliott, PMI and Swedish Match declined to remark.
Elliott has been constructing its stake in Swedish Match for months, reaching greater than 10% in October. Bloomberg Information reported in July, that Elliott was constructing a stake however was against a PMI deal on the unique provide of 106 Swedish crowns ($9.73) per share.
PMI launched its bid for the maker of tobacco and oral nicotine merchandise in Could earlier than elevating the provide to 116 crowns final month after Swedish Match shares persistently traded above the unique bid value.
United States-based PMI doesn't at the moment commerce in its dwelling market, however Swedish Match has been increasing quick in America.
Swedish Match controls about half the world’s marketplace for snus – a moist, smoke-free snuff – however one in all its fastest-growing merchandise is its tobacco-free “ZYN” nicotine pouches.
($1 = 10.8952 Swedish crowns)
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