Philip Morris Holland Holdings Offers To Buy Swedish Match In $16 Bln Cash Deal

(RTTNews) - Philip Morris International Inc. (PM) announced Wednesday that its affiliate Philip Morris Holland Holdings B.V. has issued a recommended cash offer of 106 Swedish kronor per share to the shareholders of Swedish Match AB.

The total value of the offer amounts to around 161.2 billion kronor, corresponding to approximately $16.0 billion.

The price offered for the shares represents a premium of 39.4 percent compared to the closing share price of 76.06 kronor on May 9.

The board of directors of Swedish Match recommends that Swedish Match's shareholders accept the Offer.

The acceptance period in the Offer is expected to commence on or around June 23, and expire on or around September 30.