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Altria Group Inc.
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PMI & SWMA JP Morgan.... PMI & SWMA: Acceptance level condition waived, deal to complete Philip Morris International (PMI) has decided to waive the prior 90% acceptance level condition on its SEK116 offer for Swedish Match (SWMA) – making the offer unconditional – and the acceptance period has been extended to 25 Nov 2022. With 82.6% of shares already tendered, PMI will complete the offer and acquire all tendered shares. PMI believes the top 10 shareholders have all tendered their shares and with the offer now unconditional, the extended acceptance period aims to allow outstanding shares held by index funds to be tendered by the new deadline. Settlement for the shares already tendered is expected to be initiated around 11 Nov, with 2 Dec the date for those tendered during the extended acceptance period. With the offer now unconditional, we expect the index-held shares to be tendered and the 90% acceptance threshold to be reached by 25 Nov. |
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