Marlboro maker Philip Morris International (PMI) said on Monday it was going ahead with its $16-billion plan to buy Swedish Match despite winning accept from owners with no more than 82.59 percent of shares in the Swedish peer.
By Swedish law a bidder can only initiate a compulsory redemption of remaining shares if voluntary acceptance is above 90 percent. PMI had said earlier it could drop the bid if acceptance was lower.
PMI in May made an offer to buy Swedish Match for 106 crowns per share, valuing the company at $16 billion. In October it raised the bid to 116 crowns per share after some investors said it was too low.
“We look forward to welcoming Swedish Match’s employees and leading oral nicotine portfolio into the PMI family,” the U.S. firm said in a statement.