Activist investor Elliott Management Corp has raised its stake in Swedish Match to 7.25%, from 5.5% previously, it said in a disclosure Friday, putting pressure on Philip Morris International to raise its bid.
By Swedish law, 90% of Swedish Match shareholders need to approve the offer before Oct. 21, but some have come out against the $16 billion — or 106 SEK per share — bid for one of the world’s biggest makers of oral nicotine products.
(Reporting by Marie Mannes in Gdansk and Richa Naidu in London; Editing by Matt Scuffham)
