NEW YORK CITY (dpa-AFX) - Swedish Match AB ((SWMAY.PK, SWMAF.PK) recommended its shareholders accept Philip Morris International Inc.'s (PM) increased 116 Swedish kronor per share buyout offer for the Swedish tobacco company.
The recommendation was supported by an opinion from Goldman Sachs that the offer was fair from a financial point of view to the shareholders of Swedish Match. It was also supported by an opinion from SEB Corporate Finance, Skandinaviska Enskilda Banken AB (publ), Swedish Match said in a statement.
On 20th October, Philip Morris International said that its affiliate Philip Morris Holland Holdings B.V. has increased the price in its recommended cash offer to the shareholders of Swedish Match AB to 116 kronor per share. The company said it will not further increase the price in the offer.
The total value of the revised offer amounts to approximately 176.4 billion kronor.
On October 25, Philip Morris Holland Holdings or PMHH announced that it had received necessary approvals from authorities for the Offer, subject to PMHH's divestiture of Swedish Match's subsidiary SMD Logistics AB following completion of the Offer.
It was on May 11 that Philip Morris Holland announced a recommended cash offer of 106 kronor per share to Swedish Match. The total value of the offer amounted to around 161.2 billion kronor, corresponding to around $16.0 billion.
In early October, Philip Morris announced that the acceptance period was further extended until November 4.
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