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Chris Hondros/Hulton Archive through Getty Photographs
Philip Morris Worldwide (NYSE:PM) is anticipated to boost its bid for Swedish Match (OTCPK:SWMAY).
Philip Morris (PM) might announce the revised bid for snus maker Swedish Match, up from its unique $16 billion supply in Could, on Thursday, in line with a WSJ report.
Individually, Philip Morris (PM) agreed to pay $2.7 billion to regain the U.S. rights for its IQOS heated tobacco merchandise from Altria (NYSE:MO), in line with an announcement from Altria on Wednesday night. Altria acquired a fee of $1 billion upon getting into the settlement and PM is obligated to make a further fee of $1.7 billion (plus curiosity) by July 2023.
The revised bid for Swedish Match comes after activist investor Elliott and different traders have elevated their stakes within the snus maker with a purpose to strain Philip Morris (PM) to pay extra in a takeover.
Philip Morris (PM) wants 90% approval from Swedish Match shareholders by Friday 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 a better bid.
Philip Morris (PM) is anticipated to report Q3 earnings on Thursday amid inflationary, FX headwinds.
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