Activist investor Elliott Management Corp increased its stake in Swedish Match ( OTCPK:SWMAF ) to 7.25% from 5.5%, according to a regulatory filing.
The increased position from Elliott could pressure Philip Morris International ( PM ) to raise its bid for Swedish Match.
Philip Morris's ( PM ) offer to buy Swedish Match in a $16B deal has met opposition with some shareholders. PM needs 90% approval from Swedish Match shareholders by October 21 for the deal to make it to the finish line.
Hedge funds Davidson Kempner Capital Management and HBK Capital Management, DE Shaw, Farallon Capital Management and, Pentwater Capital Management are reported to be key players pushing for a higher bid.
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Philip Morris could see even more pressure to raise offer for Swedish Match