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Activist investor Elliott Administration, which has been growing its stake in Swedish Match (OTCPK:SWMAY) because it reportedly needs Philip Morris Worldwide (NYSE:PM) to pay extra in a takeover, would think about taking a seat on the snus maker’s board, in accordance to Reuters, which cited an individual acquainted.
Elliott together with three different high buyers is a part of a “nominating committee” that beneath Swedish legislation will help determine who’s on the Stockholm-based snus maker’s board, Reuters stated, citing the corporate’s web site.
The most recent report comes after a regulatory submitting earlier confirmed that Elliott elevated its stake in Swedish Match (OTCPK:SWMAF) to 7.25% from 5.5%. Philip Morris’s (PM) provide to purchase Swedish Match in a $16B deal has met opposition with some shareholders. PM wants 90% approval from Swedish Match shareholders by October 21 for the deal to make it to the end line.
Hedge funds Davidson Kempner Capital Administration and HBK Capital Administration, DE Shaw, Farallon Capital Administration, and Pentwater Capital Administration are reported to be key gamers pushing for the next bid.
On Wednesday, Philip Morris (PM) CEO Jacek Olczak informed Reuters the corporate shouldn’t be contemplating pulling again its provide for Swedish Match (OTCPK:SWMAY).
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