By Ian Walker 
 

Philip Morris International Inc. said Monday that it has increased its offer for Vectura Group PLC to 1.02 billion pounds ($1.42 billion), trumping Friday's offer from Carlyle Europe Partners V for the U.K. pharmaceutical company.

Under the new offer accepting shareholders of Vectura will get 165 pence a share in cash, up from Philip Morris's previous offer of 150 pence a share and Carlyle's offer of 155 pence Friday.

On Friday, Vectura said that it had agreed a new GBP958 million takeover by Murano Bidco Ltd., a new company indirectly controlled by funds managed by Carlyle Europe Partners V, and withdrew its recommendation for Philip Morris' proposal.

At the time Vectura, which specializes in inhaled medicines, said the Carlyle bid offers better value to shareholders than Philip Morris's and also puts the company in a better position to meet its current strategy.

 

Write to Ian Walker at ian.walker@wsj.com

 

(END) Dow Jones Newswires

August 09, 2021 02:30 ET (06:30 GMT)

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