British drug maker Vectura to accept 958 - million pound takeover offer

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Aug 6 - British drug maker Vectura announced the fresh terms for the 958 - million-pound takeover offer from U.S. private equity firm Carlyle Group after accepting bid from the tobacco group Philip Morris weeks ago.

Carlyle, who focuses on air treatments, agreed to the London-listed company with all-cash offering of 155 pence per share. Its first offer was 136 pence per share in dividend and 19 pence in cash.

Last month, Philip Morris had offered 15 Pence Extraordinary per share and an additional 19 Pence in the form of dividends. The offer, worth about 1.05 billion pounds, came at a time when big tobacco firms are seeking an image makeover.

This is a highly attractive offer for Vectura shareholders, which guarantees the delivery of future value in cash with no regulatory contingencies to completion, said Vectura Chairman Bruno Angelici.

The Carlyle deal is backed by Vectura and Berry Street Capital in a joint statement, adding that Vectura shareholders AXA Investment Managers, TIG Advisors and Berry Street Capital have all said their support.

The three shareholders together hold approximately 11.2% stake in the drugmaker.