By Adria Calatayud 
 

Philip Morris International Inc. said Wednesday that it has acquired a 22.61% stake in Vectura Group PLC through market purchases and that it is seeking to buy more shares in the market.

U.K. inhaled-medicines company Vectura last week said that its directors planned to unanimously recommend to shareholders a takeover offer from Philip Morris. Earlier this month, Carlyle Group Inc. had made a rival bid for Vectura of 155 pence a share, which it declared its final offer.

The U.S. tobacco company said that it bought 135.5 million shares in Vectura at 165 pence each, in line with the price of its latest offer, and that it is seeking to make further market purchases at the same price.

Philip Morris said it is unable to purchase Vectura shares in the market from shareholders incorporated or located in the U.S., or where the Vectura shares would be sold from the U.S. due to regulatory requirements.

 

Write to Adria Calatayud at adria.calatayud@dowjones.com

 

(END) Dow Jones Newswires

August 18, 2021 04:23 ET (08:23 GMT)

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