SWMAY - Philip Morris plans to raise offer for Swedish Match - report
- Philip Morris International ( NYSE: PM ) is expected to raise its bid for Swedish Match ( OTCPK:SWMAY ).
- Philip Morris ( PM ) may announce the revised bid for snus maker Swedish Match, up from its original $16 billion offer in May, on Thursday, according to a WSJ report.
- Philip Morris ( PM ) is said to also have agreed to pay $2.7 billion to regain the U.S. rights for its IQOS heated tobacco products from Altria ( NYSE: MO ), according to the WSJ, which cited people familiar.
- The revised bid for Swedish Match comes after activist investor E lliott and other investors have increased their stakes in the snus maker in order to pressure Philip Morris ( PM ) to pay more in a takeover.
- Philip Morris ( PM ) needs 90% approval from Swedish Match shareholders by Friday 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.
- Philip Morris ( PM ) is expected to report Q3 earnings on Thursday amid inflationary, FX headwinds.
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Philip Morris plans to raise offer for Swedish Match - report