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Vectura Opts For Tobacco Giant Philip Morris In Carlyle Takeover Tussle

‘Superior Cash Offer’ Worth £1.1bn Proves Decisive

 
• By Dean Rudge

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.

Philip Morris Logo Magnifying Glass
Carlyle had made an initial offer in May 2021 • Source: Alamy

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.”

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