Carlyle given more time to consider Vectura offer
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Private equity firm Carlyle said on Wednesday that it has been given more time consider whether to go ahead with an offer for Vectura, after it agreed to be bought by US tobacco company Philip Morris in a £1bn deal.
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Carlyle had originally agreed with Vectura to hold meetings on the deal by 3 August. However, the PE firm has now been given a new deadline of 24 August as it mulls whether to sweeten its bid for the FTSE 250 inhaler maker or walk away.
Vectura announced on 26 May that it had agreed to be bought by Carlyle for £958m, but Marlboro maker Philip Morris trumped the offer in July. This prompted Vetura’s board to withdraw its recommendation of the Carlyle offer in favour of PMI.