Cigarette manufacturer Phillip Morris International (PMI) (NYSE: PM) announced on 18 August 2021 that it has purchased 22.61% of Vectura Group's (LSE:VEC.L) shares. Vectura's board unanimously recommended PMI's offer of $1.5 billion after a bidding war with private equity firm Carlyle Group.
The purchase is part of a public tender offer process. This follows PMI's switch to a takeover offer from a so-called scheme of arrangement last week to raise its chances. Hence, PMI needs the backing of just over 50% of shareholders for the deal to go through. Under the terms of the offer, Vectura shareholders would receive a 60% premium to the ex-dividend closing price of £1.03 per Vectura share on May 25, 2021. PMI plans to fund the transaction with existing cash and expects it to close in the ...
