Get all your news in one place
100’s of premium titles. One news app. Zero ads. Just $10 per month.
Benzinga

Philip Morris Offers To Acquire Swedish Match For ~$16B

  • Philip Morris International Inc (NYSE:PMoffers 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.