Carlyle Cancels Vectura Auction At Eleventh Hour As Bid Declared Final
Private Equity’s Offer Falls Short Of Rival Philip Morris
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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The board members of Vectura, a manufacturer of inhalers and inhaled drugs, have approved a $1.4bn takeover bid by Philip Morris International, the manufacturer of Marlboro cigarettes.
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.