Source: Swedish Match.
According to sources cited by Bloomberg, Philip Morris International is considering lowering its acceptance threshold for the $16 billion acquisition of Swedish Match.
According to reports, this multinational corporation is considering this move because it is seeking to increase the likelihood of acquisitions.
Elliott has acquired a 5.25% stake in Swedish Match. The activist investor has a history of increasing stakes in European targets to prevent full acquisitions and secure higher prices.
PMI's initial bid was to acquire over 90% of Swedish Match's shares, which would typically allow them to remove any remaining dissenters and privatize the company. The idea of lowering the acceptance threshold increases the possibility that Philip Morris may acquire a majority stake in Swedish Match while keeping it publicly traded, at least for now.
Philip Morris has extended the acceptance period for its bid until October 21st after European regulatory authorities indicated they would need more time to review the proposal.
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