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Philip Morris Intercontinental (NYSE:PM) is anticipated to increase its bid for Swedish Match (OTCPK:SWMAY).
Philip Morris (PM) may possibly announce the revised bid for snus maker Swedish Match, up from its primary $16 billion supply in Might, on Thursday, according to a WSJ report.
Independently, Philip Morris (PM) agreed to pay out $2.7 billion to get back the U.S. legal rights for its IQOS heated tobacco items from Altria (NYSE:MO), according to a statement from Altria on Wednesday evening. Altria acquired a payment of $1 billion upon entering the settlement and PM is obligated to make an additional payment of $1.7 billion (in addition fascination) by July 2023.
The revised bid for Swedish Match arrives immediately after activist trader Elliott and other traders have increased their stakes in the snus maker in buy to pressure Philip Morris (PM) to pay back more in a takeover.
Philip Morris (PM) demands 90% acceptance from Swedish Match shareholders by Friday for the offer to make it to the complete line.
Hedge resources Davidson Kempner Cash Management and HBK Funds Management, DE Shaw, Farallon Funds Management, and Pentwater Funds Management are reported to be critical players pushing for a greater bid.
Philip Morris (PM) is envisioned to report Q3 earnings on Thursday amid inflationary, Fx headwinds.
