Switch could increase multinational cigarette maker’s chances of succeeding with its bid
Philip Morris International has changed its bid for Vectura Group to a takeover offer, meaning the maker of Marlboros will need a lower level of shareholder support to win the battle for the UK asthma drug maker.
Philip Morris is locked in a takeover battle with private-equity firm Carlyle, and an auction procedure is due to begin on Tuesday that will determine how much each company is willing to pay for Vectura. The highest bidder is not necessarily the winner as shareholders will have the final say. Carlyle said at the time of its most recent offer that it has received “irrevocable undertakings in relation to voting in favour” of the acquisition from Vectura shareholders Axa Investment Managers UK, TIG Advisors and Berry Street Capital Management. They represent about 11% of the issued ordinary shares.
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