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.”
Vectura Opts For Tobacco Giant Philip Morris In Carlyle Takeover Tussle
‘Superior Cash Offer’ Worth £1.1bn Proves Decisive
Vectura’s board of directors has chosen cigarette manufacturer Philip Morris’ superior cash offer, turning down US private equity Carlyle, following a months-long battle between the two bidders for the inhalation specialist that was set to go to a rare auction in the UK.
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