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Philip Morris Changes Vectura Bid To 'takeover Offer' From 'scheme Of Arrangement'

Philip Morris International Inc (PM) said Tuesday that it has switched its bid for the U.K. asthma drug maker Vectura Group Plc. (VEC.L) to a takeover offer from a scheme of arrangement. The move will increase the certainty of its execution.

The New York-based tobacco firm lowered the threshold of shareholder backing needed to succeed with its bid for Vectura as it faces off with Carlyle Group Inc. in a rare auction for control of Vectura. Philip Morris will need more than 50% of shareholder acceptances, instead of 75%.

Meanwhile, the U.K.'s takeover panel has given them a week to make their best offers for Vectura Group. The auction kicks off after the close of trading Tuesday.

On 9 July 2021, Philip Morris and Vectura announced that they had reached agreement on the terms of a recommended cash acquisition by Philip Morris, of the entire issued and to be issued ordinary share capital of Vectura for 150 pence for each Vectura share.

On 6 August 2021, Carlyle Group announced it had agreed the terms of an increased recommended cash offer for Vectura at a price of 155 pence per Vectura share.

On 8 August 2021 Philip Morris increased its cash offer for Vectura to a price of 165 pence per Vectura share.

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