CHICAGO, Nov. 17,
2022 /PRNewswire/ -- Framtiden Management Company
LLC, together with its affiliates ("Framtiden" or "The Framtiden
Partnerships"), today announced it has tendered its Swedish Match
AB (STO: SWMA) ("Swedish Match" or the "Company") shares to Philip
Morris International, Inc. (NYSE: PM) ("Philip Morris").
Dan Juran, Managing Member of The
Framtiden Partnerships, said, "As a Swedish Match shareholder since
2003, I believe that this deal does not make sense for long-term
shareholders. Through a press release and white paper, my partner
Chris Anderson and I shared our view
in the hope other shareholders would see the merits of our
position. Philip Morris has since acquired nearly 86% of
shares."
Juran continued, "Failing our preferred outcome, an independent
public Company, our intention was to continue on the Swedish Match
journey as a minority shareholder of a majority-owned public
company. Unfortunately, during the current offer ending 11/25, or
soon thereafter, we believe the odds are high Philip Morris will
attain the 90% threshold necessary to delist the shares and
commence a compulsory offer. Given a likely choice between
tendering now or owning private shares for a short period before a
compulsory offer, we have regretfully tendered our shares."
Framtiden's white paper on Swedish Match and Philip Morris'
tender offer can be found at:
www.oursmokefreefuture.com
Contact
info@framtidenholdings.com
IMPORTANT INFORMATION
This press release has been prepared by The Framtiden
Partnerships in their capacity as shareholders in Swedish Match and
shall not be regarded as investment advice. Framtiden Management
Company LLC ("FMC") is a relying adviser under Rings Capital
Management LLC ("Rings"). Rings is the investment adviser to
Framtiden LP and First Framtiden LP; FMC is the investment adviser
to Framtiden Holdings LP. The purpose of this press release is
solely to provide information to Swedish Match shareholders
regarding Framtiden's view on the current public takeover offer for
all shares in Swedish Match by Philip Morris, which shall be
evaluated independently by Swedish Match shareholders. Framtiden
has no intentions to directly or indirectly, alone or together with
someone else, exert any kind of control over Swedish Match or its
operations.
The information contained in this press release has not been
independently verified and is subject to change without notice.
Neither Framtiden, nor its representatives and affiliates or any
other party, is under any obligation to update or keep current the
information contained herein. Accordingly, no representation or
warranty, express or implied, is made or given by or on behalf of
Framtiden or any other party (or any of their respective members,
directors, officers, employees or any other person) as to the
accuracy, completeness or fairness of the information or opinions
contained in this press release, and any reliance you place on such
information or opinions will be at your sole risk. Neither
Framtiden nor any other party (or any of their respective members,
directors, officers, employees or any other person) accepts any
liability whatsoever for any loss howsoever arising from any use of
this press release or its contents or otherwise arising directly or
indirectly in connection therewith. By reading the press release,
you acknowledge that you will be solely responsible for your own
assessment of the market and market position of Swedish Match and
that you will conduct your own analysis and be solely responsible
for forming your own view of the potential future performance of
Swedish Match and its business.
This press release contains forward-looking information based on
the current expectations of Framtiden. Although Framtiden deems
that the expectations presented by such forward-looking information
are reasonable, no guarantee can be given that these expectations
will prove correct. Accordingly, the actual future outcome could
vary considerably compared to that stated in the forward-looking
information, due to such factors as changed market conditions for
Swedish Match's products and more general factors such as business
cycles, markets and competition, unforeseen commercial or
operational implications attributable to Covid-19, changes in legal
requirements or other political measures, and fluctuations in
exchange rates. Framtiden undertakes no obligation to update such
forward-looking statements. The information and opinions contained
in this press release are provided as at the date of this press
release and are subject to change without notice.
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SOURCE Framtiden Management Company LLC