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Philip Morris snaps up more Vectura shares ahead of deal deadline
19th Aug 2021 14:32
(Sharecast News) - US tobacco giant Philip Morris has bought up more shares of London-listed inhaler maker Vectura.
PMI announced on Wednesday that it had snapped up just over 135.5m Vectura shares at 165p price per share, or a stake of around 22.6%.
On Thursday, the company said it had bought a further 39.3m shares, taking its total shareholding to 174.8m, which is equivalent to a 29.2% stake.
"PMI does not currently intend to make any further market purchases of Vectura shares," it said.
Vectura announced last week that its directors were planning to unanimously recommend a takeover by PMI at 165p a share.
Shareholders in Vectura have until 15 September to decide whether to sell their shares to Philip Morris, which will need for more than 50% of shareholders to accept its offer for the deal to go through.
PMI announced on Wednesday that it had snapped up just over 135.5m Vectura shares at 165p price per share, or a stake of around 22.6%.
On Thursday, the company said it had bought a further 39.3m shares, taking its total shareholding to 174.8m, which is equivalent to a 29.2% stake.
"PMI does not currently intend to make any further market purchases of Vectura shares," it said.
Vectura announced last week that its directors were planning to unanimously recommend a takeover by PMI at 165p a share.
Shareholders in Vectura have until 15 September to decide whether to sell their shares to Philip Morris, which will need for more than 50% of shareholders to accept its offer for the deal to go through.