Activist investor Elliott Management Corp has decided to back Marlboro-maker Philip Morris International’s (PMI) (PM.N) $16 billion offer for Swedish Match AB (SWMA.ST), the Financial Times reported on Sunday.
Elliott has tendered its shares in the Swedish target, the FT said, bringing PMI closer to the 90% threshold required for forced redemption of remaining minority stakeholders.
PMI’s offer had received more than 80% shareholder acceptance at the latest count on Friday and more could be processed on Monday, the FT reported, citing sources familiar with 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 comment.
Elliott has been building its stake in Swedish Match for months, reaching more than 10% in October. Bloomberg News reported in July, that Elliott was building a stake but was opposed to a PMI deal at the original offer of 106 Swedish crowns ($9.73) per share.
Reuters – 2022-11-06.
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