SWMAY - Activist Elliott said to oppose Swedish Match $16B sale to Philip Morris International
- Activist Elliot Investment Management is said to be accumulating a stake in Swedish Match ( OTCPK:SWMAY ) as it attempts to oppose a $16 billion sale of the smokeless tobacco company to Philip Morris International ( NYSE: PM ).
- Elliott is said to be against the deal under its current terms, according to a Bloomberg report , which cited people familiar.
- The report comes after Philip Morris ( PM ) struck a deal to purchase Swedish tobacco giant Swedish Match AB ( OTCPK:SWMAY ) for $16 billion in May. The deal received some initial negative reviews from holders who said they planned to oppose it.
- A Jefferies analyst said in May that Philip Morris’ ( PM ) bid for Swedish Match ( OTCPK:SWMAY ) faces significant risks from retail investors. He added that the 90% tender threshold could prove a high bar to clear.
- Swedish Match ( OTCPK:SWMAY ) shares rose last Tuesday after Philip Morris’ ( PM ) proposed acquisition of the company was given an OK by Swedish regulators.
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Activist Elliott said to oppose Swedish Match $16B sale to Philip Morris International