Philip Morris International, one of the world’s largest tobacco companies and the owner of Marlboro cigarettes, has agreed to buy the FTSE 250 respiratory drugs company Vectura for £1 billion.
The cash offer, which has been recommended by Vectura’s board, values the company at 150p per share, a 10 per cent premium to the cash consideration of the offer from the private equity firm Carlyle that was agreed in May. PMI’s counterbid, before a shareholder vote on Carlyle’s bid on Monday, has meant that Vectura’s directors have withdrawn their recommendation for the Carlyle offer and will adjourn the meeting.
Vectura, based in Chippenham, Wiltshire, has recently shifted its strategy to focus on the contract development and manufacturing market and away from its riskier legacy business.
Read more/Source: The Times
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