Philip Morris Raises Offer for Vectura to $1.42 Billion
09 August 2021 - 8:43AM
Dow Jones News
By Ian Walker
Philip Morris International Inc. said Monday that it has
increased its offer for Vectura Group PLC to 1.02 billion pounds
($1.42 billion), trumping Friday's offer from Carlyle Europe
Partners V for the U.K. pharmaceutical company.
Under the new offer accepting shareholders of Vectura will get
165 pence a share in cash, up from Philip Morris's previous offer
of 150 pence a share and Carlyle's offer of 155 pence Friday.
On Friday, Vectura said that it had agreed a new GBP958 million
takeover by Murano Bidco Ltd., a new company indirectly controlled
by funds managed by Carlyle Europe Partners V, and withdrew its
recommendation for Philip Morris' proposal.
At the time Vectura, which specializes in inhaled medicines,
said the Carlyle bid offers better value to shareholders than
Philip Morris's and also puts the company in a better position to
meet its current strategy.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
August 09, 2021 02:30 ET (06:30 GMT)
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