By Joe Hoppe

Carlyle Europe Partners V said Tuesday that it won't increase its offer of 155 pence (215 cents) a share for Vectura Group PLC to match Philip Morris International Inc. and that its offer is now final.

Carlyle said that its offer, which is lower than the 165 pence a share offered by Philip Morris for the inhaler maker, is full and fair and it won't raise its own bid. As a result, a proposed auction procedure due to start on Wednesday won't take place.

Earlier on Tuesday, Philip Morris switched its GBP1.02 billion acquisition of Vectura to a takeover offer from a scheme of arrangement.

"Carlyle believes its offer is in the best interests of the business and its stakeholders, including its employees, partners and customers, as well as, most importantly, the patients it serves and helps to provide with effective and accessible medicines," Simon Dingemans, a managing director in Carlyle's European buyout advisory group said.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

August 10, 2021 12:05 ET (16:05 GMT)

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