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Vectura Opts For Tobacco Giant Philip Morris In Carlyle Takeover Tussle

‘Superior Cash Offer’ Worth £1.1bn Proves Decisive

Executive Summary

Vectura’s board of directors has chosen cigarette manufacturer Philip Morris’ superior cash offer, turning down US private equity Carlyle, following a months-long battle between the two bidders for the inhalation specialist that was set to go to a rare auction in the UK.

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