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Swedish Match investor abrdn says Philip Morris offer may not reflect full value

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LONDON, May 23 (Reuters) - Swedish Match shareholder abrdn said on Monday it was not clear whether the long-term value of the company was reflected in the Philip Morris offer price for the Swedish company.

"The opportunity cost to shareholders of accepting the bid is significant. Replacing an asset with its prodigious cash generation and high returns on invested capital at a comparable valuation multiple to that which Philip Morris are offering will be extremely difficult," abrdn investment director Roseanna Ivory said in an emailed statement.

"Therefore we are not yet clear that the compelling long-term future value of the company is being adequately represented by the current offer price."

Abrdn is the 18th biggest shareholder in Swedish Match and held a 0.4% stake totalling $48.7 million as at March 31, according to Refinitiv data. (Reporting by Carolyn Cohn)