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Philip Morris International (NYSE:PM) is said to be mulling lowering the acceptance threshold for its proposed $16 billion acquisition of smokeless tobacco firm Swedish Match (OTCPK:SWMAF).

Philip Morris (PM) is expected to make a decision on the lower threshold in the next few weeks, according to a Bloomberg report earlier on Monday.

The potential change comes as the Swedish Match (OTCPK:SWMAF) deal has faced opposition from shareholders, including activist holder Elliott Investment Management. Elliott disclosed last week it has accumulated a 5.25% in the smokeless tobacco company after Bloomberg first reported in early July that Elliott had taken a stake and was against the deal under its original terms.

The maker of Marlboro brand cigarettes’ bid is currently conditioned on getting more than a 90% stake in Swedish Match. Philip Morris hasn’t made a final decision on possible alterations to its offer and may need to increase it bids if it continues to face holder opposition, according to the report.

A Jefferies analyst said in May that Philip Morris’ (PM) bid for Swedish Match (OTCPK:SWMAY) faces significant risks from retail investors. He added that the 90% tender threshold could prove a high bar to clear.

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