Philip Morris Switches to Takeover Offer for Vectura From Scheme of Arrangement
August 10 2021 - 02:56AM
Dow Jones News
By Ian Walker
Philip Morris International Inc. said Tuesday that it has
switched its 1.02 billion-pound ($1.41 billion) acquisition of
Vectura Group PLC to a takeover offer from a scheme of
arrangement.
The U.S. tobacco company said it believes a takeover offer
increases the certainty of its acquisition of the U.K.
pharmaceutical company proceeding ahead of the U.K. Takeover Panel
auction process. A takeover offer is conditional upon a certain
level of acceptances being received whereas a scheme of arrangement
needs both court and shareholder approval.
The terms of the offer remain at 165 pence for each Vectura
share held.
On Monday the U.K. Takeover Panel said it will start an auction
process for Vectura after Philip Morris raised its offer for the
company above that of a rival offer from Carlyle Europe Partners
V.
The takeover panel said that given neither offer for the
pharmaceutical company was final and that both may be revised
upward, it will hold auction procedure beginning Tuesday.
On Monday, Philip Morris raised its offer to GBP1.02 billion,
trumping Carlyle's offer made on Friday of GBP958 million.
The auction will last for five days of public bidding, and
Vectura, Carlyle and Philip Morris have each agreed to the
procedure.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
August 10, 2021 02:49 ET (06:49 GMT)
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