Carlyle says it won't up bid for Vectura

11 August 2021

In the latest twist in the battle to acquire Vectura (LSE: VEC), the board of the UK inhaled therapies maker today acknowledged that Carlyle, one of the two bidders, has announced it will not improve its 155 pence per share offer for the company, as declared on August 6, through its Murano Bidco vehicle.

This was followed by the announcement this week from counter bidder Philip Morris, via its PMI subsidiary, of an increased 165 pence per share offer, valuing the deal at around £1.02 billion ($1.41 billion), and led to an intervention from the UK regulator, the Takeover Panel, on August 9, in accordance with the City Code on Takeovers and Mergers, invoking the Auction Rules.

As Carlyle had made its no increase statement before 5.00pm on August 10, 2021, the auction procedure will not proceed and PMI Global Services (PMI) has until 5.00pm on August 12, 2021 to announce a revised offer.

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