The Board of Directors of Swedish Match AB have made a statement regarding the increased public cash offer by Philip Morris Holland Holdings B.V and recommended that shareholders accept, according to a company press release.

Philip Morris Holland Holdings B.V. (“PMHH”), an affiliate of Philip Morris International Inc. (“PMI”), had announced a recommended public offer to the shareholders of Swedish Match to tender all shares in Swedish Match to PMHH (the “Offer”) in May, states the press release. The acceptance period for the offer was extended to 4 November and PMHH announced an increase of the price in the Offer to SEK 116 (USD 10,63) per share, making the total value of the revised offer SEK 176.4 billion (USD 16.17 billion).
PMHH has since also received the necessary approvals from authorities for the Offer and the Swedish Match Board has once again recommended that shareholders accept the Offer just as it had done in May ahead of the revision of terms.
Back then, Swedish Match’s financial adviser Goldman Sachs Bank Europe SE had stated that the Offer was fair from a financial point of view to the shareholders of Swedish Match (subject to the factors, limitations and assumptions set forth in the opinion). It was also supported by an opinion from SEB Corporate Finance, Skandinaviska Enskilda Banken AB (publ) that the Offer was fair to Swedish Match’s shareholders from a financial point of view (subject to the assumptions and considerations set out in the opinion).
Based on the above and consistent with its recommendation of 11 May, 2022, the Board recommends that Swedish Match’s shareholders accept the Revised Offer, the press release reads.
The resolution to make the above statement has been supported by all board members except for Pär-Ola Olausson (appointed by the union IF Metall) who is of the view that Swedish Match has the competence and the experience to remain independent in the long-term and that the terms of the Revised Offer do not reflect the long-term fundamental value of the Company, concludes the press release.