Marlboro manufacturer Phillip Morris International (SW: PMI) agreed to buy Swedish Match tobacco and nicotine products (ST: SWMA). PMI already made a cash offer through its associate Philip Morris Holland Holdings for the Stockholm-based group at $10.6 per share.
This price values the company at $16 billion. Swedish Match's board has also recommended the offer. The price offered for the shares further represents a premium of 39.4 percent compared to the closing share price of $7.5 on May 9, 2022.
Not all significant shareholders have agreed to the takeover despite this considerable premium. Hedge fund Bronte Capital, which owns about 1% of Swedish Match, said the offer price was "unacceptable." Under Swedish law, 90% of shareholders need to agree to the deal to proce...
