Philip Morris raises Vectura bid to more than £1bn
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The battle between Philip Morris International and a private equity group for control of the UK inhaler maker Vectura intensified yesterday as the Marlboro maker raised its bid to more than £1bn.
PMI made its offer of 165p a share just two days after Carlyle, the US private equity group, raised its own bid for Wiltshire-based Vectura to 155p a share.
That offer won the backing of Vectura’s board and a group of investors that owns 11.2 per cent of Vectura’s equity, including Axa Investment Managers. The PMI offer values Vectura’s equity at £1.02bn, compared with Carlyle’s £928m.
The Vectura bid battle comes as private equity launches its largest raid on listed UK businesses in decades, taking advantage of depressed valuations in the wake of Brexit and the pandemic.