More twists and turns in bid battle for Vectura

9 August 2021

Following the announcement on Friday that the board of Vectura (LSE: VEC) had accepted an improved takeover offer from private equity group Carlyle of 155 pence a share, Philip Morris has increased its previous offer for the UK inhaled medicines company.

Through its PMI subsidiary, the tobacco and nicotine giant has upped its bid for Vectura to 165 pence per share. The PMI increased offer values the entire issued and to be issued ordinary share capital of Vectura at around £1.02 billion ($1.41 billion).

Acknowledging the increased offer this morning, Vectura - whose share were up 4.8% at 171.80 pence - said that, as there remain two competing bidders for Vectura, in accordance with the City Code on Takeovers and Mergers, the Takeover Panel has today announced rules to govern the basis on which any further offers for Vectura are made after 5.00 pm on August 10, 2021 (the Auction Rules).

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