Elliott Management willing to consider Swedish Match board seat - report
Activist investor Elliott Management, which has been increasing its stake in Swedish Match (OTCPK:SWMAY) as it reportedly wants Philip Morris International (NYSE:PM) to pay more in a takeover, would consider taking a seat on the snus maker's board, according to Reuters, which cited a person familiar.
Elliott along with three other top investors is part of a "nominating committee" that under Swedish law can help decide who is on the Stockholm-based snus maker's board, Reuters said, citing the company's website.
The latest report comes after a regulatory filing earlier showed that Elliott increased its stake in Swedish Match (OTCPK:SWMAF) to 7.25% from 5.5%. Philip Morris's (PM) offer to buy Swedish Match in a $16B deal has met opposition with some shareholders. PM needs 90% approval from Swedish Match shareholders by October 21 for the deal to make it to the finish line.
Hedge funds Davidson Kempner Capital Management and HBK Capital Management, DE Shaw, Farallon Capital Management, and Pentwater Capital Management are reported to be key players pushing for a higher bid.
On Wednesday, Philip Morris (PM) CEO Jacek Olczak told Reuters the company is not considering pulling back its offer for Swedish Match (OTCPK:SWMAY).