Vectura shareholders back takeover by Philip MorrisReutersCigarette maker Philip Morris International Inc (PMI) has clinched a ￡1 billion (US$1.38 billion) takeover of inhaler maker Vectura Group PLC after winning the backing of about 75 percent of the British company’s shareholders. Vectura shareholders had until Wednesday to decide whether to support the ￡1.65 per share bid from Philip Morris, which sought to buy the London-listed asthma drug maker as part of its plan to go “smoke-free” and switch to healthcare and wellness products. A Philip Morris logo is pictured on a factory in Serrieres near Neuchatel, Switzerland, on Dec. 8. The switch allowed PMI to require the support of holders of slightly more than 50 percent of Vectura shares for the deal to go through. The US-based company has also extended the deadline to Sept. 30 for the remaining Vectura shareholders to tender their shares.

Source: Taipei Times September 16, 2021 15:56 UTC