Vectura’s board of directors intend to unanimously recommend tobacco giant Philip Morris International’s £1.65 ($2.28) per share cash takeover offer, snubbing private equity Carlyle’s lower scheme of arrangement proposal, after recognizing “the superior cash price the final Philip Morris offer provides Vectura shareholders.”
“The Vectura directors appreciate Carlyle’s interest in Vectura over this lengthy process and their support for Vectura’s strategy to become one of the market leading contract development and manufacturing organizations in the inhalation segment,” the UK-based firm
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