Philip Morris Offers To Acquire Swedish Match For ~$16B

Philip Morris International Inc PM offers to acquire Swedish Match AB SWMAF for SEK161.2 billion (~$16 billion). Swedish Match's board recommends shareholders accept the offer.
Investors in the Stockholm-based company will receive SEK106 in cash for each share held.
The offer price represents a 39.4% premium to the company’s share price of SEK76.06 on May 9, 2022.
The acceptance period of the offer is expected to commence on or around June 23, 2022, and expire on or around September 30, 2022.
Swedish Match has retained Goldman Sachs Bank Europe SE as financial adviser and Mannheimer Swartling Advokatbyrå as legal adviser in relation to the offer.
Philip Morris, which seeks to diversify its portfolio into e-cigarettes, heated-tobacco devices, and other products, aims to generate more than 50% of net revenue from smoke-free products by 2025.
Price Action: PM shares closed lower by 0.97% at $98.90 on Tuesday.