Philip Morris Holland Holdings, an affiliate of Philip Morris International Inc. (PMI), a New York-based tobacco company, announced on Monday completion of the offer to the shareholders of Swedish Match AB. This follows its decision to waive the acceptance level condition and to acquire all shares in Swedish Match that have been tendered in the offer. Shares tendered in the offer at the end of the acceptance period which expired on November 4, 2022, amounted to 1,255.95 million shares, equivalent to about 82.59 percent of the share capital and the voting rights in Swedish Match. Philip Morris Holland Holdings has extended the acceptance period until November 25 and reduced the price for shares to SEK 115.07 ($10.63) in cash per share due to the resolved dividend payment by Swedish Match of SEK 0.93 per share, for shareholders of record as of November 14, 2022. In addition, the company also decided to waive the acceptance level condition whereby PMHH becomes the owner of shares representing more than 90 percent of the total number of outstanding shares in Swedish Match (on a fully diluted basis) and to complete the offer. Since the offer is now unconditional, shareholders who have accepted the offer, or would accept the offer, would have no right to withdraw acceptances, PMHH stated read. Settlement for shares already tendered in the offer up to and including November 4 will be initiated, around November 11 and PMI expects to consolidate Swedish Match's results from this date onwards, it added. The public offer by Philip Morris Holland Holdings to the shareholders of Swedish Match AB was made last May 11. On October 20, PMHH had raised the price in the Offer from SEK 106 to SEK 116 in cash per share and announced that it would not further increase the price in the offer. The biggest shareholder in Swedish Match, Elliott Management has already backed The Marlboro maker's takeover offer for Swedish Match. Shares of Philip Morris International ended Friday's trading at $89.98, up $1.64 or 1.86 percent from the previous close.
