Terex Corp
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Industrials : Machinery | Small Cap Blend
Company profile

Terex Corporation designs, builds, and supports products used in construction, maintenance, manufacturing, energy, minerals, and materials management applications. The Company segments include Aerial Work Platforms (AWP) and Materials Processing (MP). AWP segment designs, manufactures, services and markets aerial work platform equipment, utility equipment and telehandlers. Its products include portable material lifts, portable aerial work platforms, self-propelled articulating and telescopic booms, scissor lifts, and replacement parts. MP segment designs, manufactures, services and markets materials processing and specialty equipment, including crushers, washing systems, screens, apron feeders, material handlers, pick and carry cranes, rough terrain cranes, tower cranes, wood processing, concrete mixer trucks and concrete pavers, conveyors, environmental and recycling solutions, and their related components and replacement parts.

Closing Price
Day's Change
0.79 (1.53%)
B/A Size
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(Above Average)

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Framtiden tenders Swedish Match shares in Philip Morris International offer

7:14 am ET November 18, 2022 (PR Newswire) Print

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:




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.


View original content:https://www.prnewswire.com/news-releases/framtiden-tenders-swedish-match-shares-in-philip-morris-international-offer-301680873.html

SOURCE Framtiden Management Company LLC


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