Elliott Management Started Buying Swedish Match Stock After Philip Morris $16B Bid - What's Next

在菲利普莫里斯出價160億美元后，埃利奧特管理公司開始購買瑞典火柴股票-下一步是什麼

Benzinga Real-time News · 2022/08/18 19:50

Philip Morris International Inc (NYSE:PM) may have to increase its Swedish Match AB's (OTC: SWMAY) $16 billion bid to gain full ownership of the smokeless-tobacco maker, writes Wall Street Journal.
Philip Morris wants to gain an edge over its competitors, including Altria Group Inc (NYSE: MO) and British American Tobacco PLC (NYSE: BTI), to dominate smoke-free tobacco products.
According to the WSJ report, since the companies announced their deal in May, hedge fund Elliott Management Corp has acquired an undisclosed stake in Swedish Match.
"It's crystal clear that Elliott is trying to get a better price from Philip Morris," said Massimo Stabilini, a hedge-fund manager at London-based Sinclair Capital. Mr. Stabilini said he started buying Swedish Match's shares after the deal's announcement, taking advantage of the stock initially trading below the offer price.
Triton had to increase its bid for Clinigen Group PLC by almost 5% in another takeover. Elliott, which had owned Clinigen stock for months, had built up a stake of 14% by the time Triton raised its offer.
Philip Morris's offer expires in October and is conditional on gaining more than 90% of Swedish Match's Stockholm-listed shares.
Elliott would need to buy around $1.6 billion of Swedish Match stock to stop Philip Morris from reaching 90%.
Price Action: PM shares are down 0.54% at $101.72 during the premarket session on the last check Thursday.
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菲利普莫里斯(紐約證券交易所代碼：PM)可能不得不增加其瑞典隊AB‘s據《華爾街日報》報道，(場外交易代碼：SWMAY)160億美元競購這家無煙煙草製造商的全部所有權。
菲利普莫里斯希望獲得相對於競爭對手的優勢，包括奧馳亞(紐約證券交易所股票代碼：MO)和英美煙草(紐約證券交易所股票代碼：BTI)，主宰無煙煙草產品。
根據《華爾街日報》的報道，自從兩家公司在5月份宣佈交易以來，對衝基金埃利奧特管理公司收購了瑞典火柴公司未披露的股份。
倫敦辛克萊資本公司的對衝基金經理馬西莫·斯塔比里尼説：“很明顯，埃利奧特正試圖從菲利普莫里斯那裏得到更好的價格。”斯塔比里尼説，在交易宣佈後，他開始買入瑞典火柴公司的股票，利用該公司股票最初低於發行價的機會。
在另一次收購中，Triton不得不將對Clinigen Group PLC的出價提高了近5%。持有Clinigen股票已有數月之久的埃利奧特，在Triton提高報價時已持有14%的股份。
菲利普莫里斯的報價將於10月份到期，條件是獲得瑞典Match在斯德哥爾摩上市的90%以上的股份。
埃利奧特需要購買約16億美元的瑞典火柴股票，才能阻止菲利普莫里斯達到90%的持股比例。
價格行動：在週四的盤前交易中，PM股價下跌0.54%，至101.72美元。
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