Vectura to Recommend Philip Morris Takeover Bid to Shareholders
August 12 2021 - 12:35PM
Dow Jones News
By Joe Hoppe
Vectura Group PLC said Thursday that its management intends to
unanimously recommend to shareholders the 165 pence ($2.29) a share
bid for the company from Philip Morris International.
The U.K. pharmaceuticals business said that the offer--a 10
pence premium to the final offer from competing bidder Carlyle
Europe Partners V--is fair and reasonable, providing an aggregate
value of around GBP1.1 billion for its entire issued share
capital.
Vectura said that while it appreciated Carlyle's interest over
the process and the company's support, it recognized the superior
cash offer from Philip Morris.
It also noted that wider stakeholders could benefit from Philip
Morris' significant financial resources, its intentions to increase
research and development investment, and its intention to operate
Vectura as an autonomous business unit.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
August 12, 2021 12:31 ET (16:31 GMT)
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