Vectura Group
Image from Vectura Group’s website

Today the rarely invoked Takeover Panel begins the process of adjudicating the proposed takeover of respiratory drugs manufacturer Vectura which has become a bidding war between Philip Morris International, which manufactures Marlboro cigarettes, and US investment giant Carlyle.

The process is scheduled to last for up to five days with the bidding coming to an end on the day that a counter offer isn’t tabled on the same day.

At least three of Vectura’s institutional investors are believed to have corporate social responsibility misgivings about a cigarette manufacturer also owning a business whose profits depend on producing a product that alleviates the damage caused by consuming a product originally sold.

At the end of last week Philip Morris offered 165p a share, leading Vectura’s board to rescind its previous advice to accept Carlyle’s earlier offer of 155p.

Date published: August 11, 2021

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