Swedish Match AB said Wednesday that its board agreed to a 161.2 billion Swedish krona cash offer, equivalent to $16 billion, from Philip Morris International Inc.
Under the proposal, subject to shareholder approval, investors in the Stockholm-based company will receive 106 Swedish krona in cash for each share held. The price represents a 39% premium to the company’s share price of 76.50 Swedish krona on Friday, the day before The Wall Street Journal reported that the companies were in talk.
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