Elliott Administration prepared to contemplate Swedish Match board seat (NYSE:PM)

Activist investor Elliott Administration, which has been growing its stake in Swedish Match (OTCPK:SWMAY) because it reportedly desires Philip Morris Worldwide (NYSE:PM) to pay extra in a takeover, would take into account taking a seat on the snus maker’s board, in accordance to Reuters, which cited an individual acquainted.

Elliott together with three different prime traders is a part of a “nominating committee” that below Swedish legislation may help resolve who’s on the Stockholm-based snus maker’s board, Reuters mentioned, citing the corporate’s web site.

The most recent report comes after a regulatory submitting earlier confirmed that Elliott elevated its stake in Swedish Match (OTCPK:SWMAF) to 7.25% from 5.5%. Philip Morris’s (PM) provide to purchase Swedish Match in a $16B deal has met opposition with some shareholders. PM wants 90% approval from Swedish Match shareholders by October 21 for the deal to make it to the end line.

Hedge funds Davidson Kempner Capital Administration and HBK Capital Administration, DE Shaw, Farallon Capital Administration and, Pentwater Capital Administration are reported to be key gamers pushing for the next bid.

On Wednesday Philip Morris (PM) CEO Jacek Olczak informed Reuters the corporate will not be contemplating pulling again its provide for Swedish Match (OTCPK:SWMAY).