Philip Morris And Carlyle Go To Auction For Vectura
Bidding War For Inhalation Specialist
The Takeover Panel is stepping in to oversee an auction process after two revised offers in recent days from rivals Philip Morris and Carlyle upped the ante in the bidding war for the UK respiratory company.
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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.
Private equity group Carlyle has pulled the plug on a potential auction to take control of the UK-based Vectura group by declaring final its revised bid for the respiratory specialist. Tobacco giant Philip Morris had offered a 10% premium to Carlyle’s bid.
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