Swedish Match Accepts $16 Billion Philip Morris' Offer
- May 11, 2022
- Brian Turner
Swedish Match AB agreed to be acquired by Philip Morris International for $16 billion. Philip Morris has been reducing its dependance on cigarettes sales and be smoke-free but not tobacco-free by 2025.
Swedish Match AB agreed to be acquired by Philips Morris International for $16 billion.
Philip Morris Holland offered SEK 161.2 billion of US$16 billion representing a 39% premium to the last closing price on May 9.
The offer is 39.7% higher than the last 30-day volume weighted trading price of SEK 75.86 and 46.6% higher than the last 90-day volume weighted trading price of SEK 72.33.
The acceptance period for the public offer is expected to commence on or around June 23, 2022 and expire on or around September 30, 2022.
The offer is conditional that at least 90% of Swedish Match AB shareholders accept the offer.
Philip Morris has targeted to be a smoke-free company and generate more than half of its net revenues from such products.