- Philip Morris International Inc (NYSE:PM) offers to acquire Swedish Match AB (OTC:SWMAF) for SEK161.2 billion (~$16 billion). Swedish Match's board recommends shareholders accept the offer.
- Investors in the Stockholm-based company will receive SEK106 in cash for each share held.
- The offer price represents a 39.4% premium to the company’s share price of SEK76.06 on May 9, 2022.
- The acceptance period of the offer is expected to commence on or around June 23, 2022, and expire on or around September 30, 2022.
- Swedish Match has retained Goldman Sachs Bank Europe SE as financial adviser and Mannheimer Swartling Advokatbyrå as legal adviser in relation to the offer.
- Philip Morris, which seeks to diversify its portfolio into e-cigarettes, heated-tobacco devices, and other products, aims to generate more than 50% of net revenue from smoke-free products by 2025.
- Price Action: PM shares closed lower by 0.97% at $98.90 on Tuesday.
Philip Morris Offers To Acquire Swedish Match For ~$16B
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