Deals
Philip Morris Pivots to a Takeover Offer in Vectura Fight
- Marlboro maker in battle with Carlyle for U.K. drug maker
- Change means firm needs lower percentage of shareholder votes
A Vectura FOX nebuliser.
Source: Vectura Group Plc
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Philip Morris International Inc. lowered the threshold of shareholder backing needed to succeed with its bid for Vectura Group Plc as it faces off with Carlyle Group Inc. in a rare auction for control of the U.K. asthma drug maker.
By switching to what’s known under U.K. rules as a takeover offer from a scheme of arrangement, Philip Morris will need just over 50% of shareholder acceptances, instead of 75%. The Marlboro maker made the move to improve its chances of sealing the acquisition, it said Tuesday.