Vectura to Be Sold in Auction Process Following Competing Bids
August 09 2021 - 5:22AM
Dow Jones News
By Joe Hoppe
A U.K. regulatory body said Monday that it will start an auction
process for Vectura Group PLC after Philip Morris International
Inc. raised its offer for the company above that of a rival offer
from Carlyle Europe Partners V.
The Takeover Panel said that given neither offer for the
pharmaceutical company was final and both may be revised upward, it
will hold auction procedure beginning on Tuesday. Earlier Monday,
Philip Morris raised its offer to 1.02 billion pounds ($1.42
billion), trumping Carlyle's offer on Friday of GBP958 million.
The auction will last for five days of public bidding, and
Vectura, Carlyle and Philip Morris have each agreed to the
procedure.
Vectura said it has withdrawn its intention to recommend
accepting Carlyle's offer, and it won't at this stage say that it
intends to recommend the Philip Morris offer, given the coming
auction.
Philip Morris raised its bid earlier Monday to 165 pence a share
in cash, up from its 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.
Shares in Vectura at 0853 GMT were up 6.8 pence, or 4.2%, at
170.8 pence.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
August 09, 2021 05:14 ET (09:14 GMT)
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