Framtiden Management Company LLC has tendered its Swedish Match shares to Philip Morris International (PMI) after saying the odds are high that PMI will commence a compulsory offer, reports PRNewswire.
Framtiden Management Company LLC together with its affiliates (“Framtiden” or “The Framtiden Partnerships”) has announced that it has tendered its Swedish Match AB shares to PMI following the realisation that PMI was likely to acquire the necessary 90 per cent of shares to see the offer through.
“As a Swedish Match shareholder since 2003, I believe that this deal does not make sense for long-term shareholders. Through a press release and white paper, my partner Chris Anderson and I shared our view in the hope other shareholders would see the merits of our position. Philip Morris has since acquired nearly 86% of shares,” said Dan Juran, Managing Member of The Framtiden Partnerships.
“Failing our preferred outcome, an independent public Company, our intention was to continue on the Swedish Match journey as a minority shareholder of a majority-owned public company. Unfortunately, during the current offer ending 11/25, or soon thereafter, we believe the odds are high Philip Morris will attain the 90% threshold necessary to delist the shares and commence a compulsory offer. Given a likely choice between tendering now or owning private shares for a short period before a compulsory offer, we have regretfully tendered our shares,” he concluded.