(Reuters) – Framtiden Partnerships, a long-term shareholder of Swedish Match AB of nearly two decades, said it will not accept Marlboro maker Philip Morris International Inc’s higher offer of 116 Swedish crowns ($10.53) per share.
Dan Juran, managing member of Framtiden which owns almost 1% of shares in Swedish Match, said he will still not tender his shares before Friday’s deadline and hopes the $16 billion offer will fail.
Framtiden has been vocal in their opinion that Swedish Match is better off as an independent company, stating they estimate the Swedish tobacco and nicotine products maker to be worth close to 200 Swedish crowns per share, far higher than the current 116 crowns on the table.
($1 = 11.0120 Swedish crowns)
(Reporting by Marie Mannes; Editing by Chizu Nomiyama and Jonathan Oatis)