(Alliance News) - Philip Morris International Inc upped its bid for asthma treatment firm Vectura Group PLC over the weekend, as the owner of Marlboro cigarettes increases its efforts to outbid a private equity group, Financial Times reported on Sunday.
Philip Morris has increased its offer for Vectura to 165 pence per share, besting private equity firm Carlyle's bid, which was raised to 155p a share on Friday.
Carlyle said it would pay 155 pence per Vectura share, valuing the company's issued and to be issued share capital at GBP958 million. In July, Philip Morris made a 150p per share offer.
Philip Morris's new offer values Vectura at over GBP1.00 billion.
Philip Morris has been trying to diversify into what it calls "beyond nicotine" products, and said on Sunday that buying Vectura would be part of that strategy, FT said.
Vectura's shares closed at 163.90p on Friday, above the level of Carlyle's offer, indicating that shareholders may have been expecting the bidding war to continue, FT added.
https://www.ft.com/content/6f566bda-1a7c-402c-b04d-b3e0dcc2148e
By Greg Roxburgh; gregroxburgh@alliancenews.com
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