Swedish Match long-term shareholder Framtiden not tendering shares to Philip Morris By Reuters

(Reuters) – Framtiden Partnerships, a long-term shareholder of Swedish Match of nearly two decades, said it will not accept Marlboro-maker Philip Morris’ higher offer of 116 Swedish crowns per share.

Dan Juran, Managing Member of Framtiden which owns almost 1% of shares in Swedish Match, said they will still not tender their shares and hopes that the deal will fail.