Philip Morris International (NYSE:PM) published a tender offer for its planned purchase of Vectura Group (OTCPK:VEGPF) after Vectura's board formally endorsed the bid over a rival offer from Carlyle Group (NASDAQ:CG).
Vectura's bid chose Philip Morris's (PM) 165/share pence bid over private equity Carlyle's 155/share pence offer. The offer will remain open for acceptance until Sept. 15, according to a statement.
U.K.-based Vectura (OTCPK:VEGPF) makes drug delivery solutions for inhaled pharmaceuticals such as treating lung conditions including asthma.
The tender offer comes after reports last week that health charities in the U.K. are asking the government to block the deal, saying it may allow the tobacco industry to have influence on public policy in Britain.
Philip Morris (PM) will fund the transaction with existing cash and expects it to close in the second half of this year. The company expects the impact of the acquisition on its full-year 2021 adjusted diluted EPS to be immaterial.