Vectura Agrees to $1.33 Billion Carlyle Takeover; Withdraws Philip Morris Recommendation
August 06 2021 - 10:46AM
Dow Jones News
By Ian Walker
Vectura Group PLC said Friday that it has agreed a 958
million-pound ($1.33 billion) takeover by Murano Bidco Ltd., a new
company indirectly controlled by funds managed by Carlyle Europe
Partners V, and has therefore withdrawn its recommendation for
Philip Morris International Inc.'s proposal.
Under the offer, accepting shareholders of the U.K.
pharmaceuticals business will get 155 pence in cash for each share
held, a 3.3% premium to Philip Morris' previously agreed takeover
of 150 pence.
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.
Shares at 1418 GMT were up 9.0 pence, or 5.8%, at 163.0
pence.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
August 06, 2021 10:39 ET (14:39 GMT)
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