SWMAY - Philip Morris said to win Elliott support for $15.7B Swedish Match takeover
- Activist fund Elliott Management is said to put its support behind Philip Morris International's ( NYSE: PM ) increased $15.7 billion offer for Swedish Match ( OTCPK:SWMAY ), allowing the deal to cross the finish line.
- The Philip Morris takeover offer is said have received 80% of acceptance from Swedish Match ( OTCPK:SWMAY ) holders as of Friday and likely more on Monday, according to a Financial Times report, which cited sources familiar. Elliott tendered its 10.5% stake in favor of the deal.
- The deal had required 90% acceptance rate by holders, though the thresholder is expected to be lowered, according to the FT.
- The report comes after after activist investor Elliott and other investors increased their stakes in the snus maker in order to pressure Philip Morris ( PM ) to pay more in a takeover.
- Last month the European Commission approved the transaction.
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Philip Morris said to win Elliott support for $15.7B Swedish Match takeover