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Carlyle says Vectura offer is final, paves way for PMI
11th Aug 2021 07:59
(Sharecast News) - US tobacco giant Philip Morris looks set to potentially clinch the deal for Vectura after rival suitor Carlyle said it would not be upping its offer for the London-listed inhaler maker.
Private equity firm Carlyle said late on Tuesday that its latest offer of £958m, or 155p a share, was final.
The UK Takeover Panel had said at the end of last week that the battle would go to auction if both suitors did not make final bids by Tuesday.
However, Carlyle's announcement means that Philip Morris, whose offer is already 10p a share higher than Carlyle's, can now either stick with its offer or increase it.
Vectura noted on Wednesday that as Carlyle made its no increase statement before the end of the August 10 deadline, the auction process will not go ahead and PMI now has until the end of the day on Thursday to make a revised offer.
"Consistent with its announcement on 9 August 2021, the board therefore intends to make a further announcement following the expiration of the above deadline or, if sooner, following any announcement by PMI of a revised offer or an announcement that its offer will not be increased further," it said.
Private equity firm Carlyle said late on Tuesday that its latest offer of £958m, or 155p a share, was final.
The UK Takeover Panel had said at the end of last week that the battle would go to auction if both suitors did not make final bids by Tuesday.
However, Carlyle's announcement means that Philip Morris, whose offer is already 10p a share higher than Carlyle's, can now either stick with its offer or increase it.
Vectura noted on Wednesday that as Carlyle made its no increase statement before the end of the August 10 deadline, the auction process will not go ahead and PMI now has until the end of the day on Thursday to make a revised offer.
"Consistent with its announcement on 9 August 2021, the board therefore intends to make a further announcement following the expiration of the above deadline or, if sooner, following any announcement by PMI of a revised offer or an announcement that its offer will not be increased further," it said.