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Best offer of Philip Morris to buy Swedish Match
Philip Morris International Inc. made the "best and final" offer for Swedish Match, chewing tobacco maker.
The Swiss-based company raised its bid from 106 Swedish crowns ($9.46) to 116 Swedish crowns a share. The company hopes that the new offer will help acquire the smokeless tobacco producer. With Swedish Match, the company will have access to a vast distribution network in the United States, the largest market for smoking alternatives.
The value of the final bid is about $15.8 billion.
According to Jacek Olczak, CEO Philip Morris International, the new offer is very attractive for both Swedish Match and Philip Morris shareholders.
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