PM's deadline for Swedish Match shareholders to accept their takeover offer expired on Friday. They need 90% of shares to be tendered to fulfill the terms of the current takover offer, which would then give them the right to acquire all 100% of the shares, with no minority ownership.

 

Reports are that PM had over 80% of the shares tendered as of Friday, with more to count which should be concluded on Monday. Elliott Management Group, a hedge fund that had bought up over 10% of the shares since May, announced they have tendered their shares. It is unclear whether that 10% is already included in the 80% counted so far.

 

Regardless, with Elliott on board, it appears likely that PM will reach the 90% needed. That will then allow them to maintain their plans for US expansion, with ownership of Zyn, as well as a sales team and manufacturing base for IQOS.