By Dominic Chopping

STOCKHOLM--Swedish Match AB said late Thursday that it recommends shareholders accept Philip Morris International Inc.'s increased offer for the company.

Philip Morris last week raised its takeover bid for Swedish Match in a deal that values the Swedish tobacco company at 176.4 billion Swedish kronor ($16.08 billion).

The U.S. maker of Marlboro cigarettes offered SEK106 a share in May, but came back with an improved bid of SEK116, adding that it won't be increased further.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

October 28, 2022 01:51 ET (05:51 GMT)

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