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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 tobacco giant Philip Morris’s 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.  

Cigs
• Source: Alamy

Vectura’s board of directors intend to unanimously recommend tobacco giant Philip Morris International’s 165 pence ($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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