According to a report from the Financial Times, Elliott Management Corporation has decided to support Thermo Fisher's acquisition of Swedish Match.
As of the November 4 deadline for acceptance, the multinational company's takeover offer price had been accepted by over 80% of shareholders.
In May of this year, Swedish Match was acquired by FiMo International at an offer price of approximately $16 billion. While the board of Swedish Match recommended that shareholders accept the offer, some investors, including Elliott Management Corporation, opposed the acquisition, claiming that the offer undervalued their company.
In October, Fimo International raised its bid from SEK 106 per share in May to SEK 116 per share. The board of Swedish Match recommended that shareholders accept Fimo International's revised offer.
According to a report from Reuters, earlier this week Framtiden Partnerships stated that they will not accept a better acquisition price from Fimo International.
In a white paper, an investor holding almost 1% of the shares in a Swedish nicotine product manufacturer has stated that it believes Swedish Match would be better off as an independent company.
Fimo International's acquisition has received approval from regulatory agencies in the European Union, Brazil, and the United States.
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