The takeover tussle for inhaler maker Vectura chips away at money’s winning might, writes dasha_reuters
, the volume didn’t make much difference. PMI’s deep pockets prevailed over revulsion from health charities and a handful of investors at Big Tobacco looking to profit from treating diseases it helped create. Still, the noise makes scrutinising deals on broader stakeholder grounds look more normal.
In the end, Vectura set aside the competing ethics and went for the maximum cash. That’s probably what investors wanted: even though 11% had irrevocably committed to Carlyle’s offer, implying they were loath to sell to Big Tobacco, the gesture rang somewhat hollow. If PMI Chief Executive Jacek Olczak had offered 10% more, the likes of Axa Investment Managers would have been released from their commitment.
Clayton, Dubilier & Rice and a consortium led by Fortress Investment are going head-to-head over cuddly supermarket chain Wm Morrison Supermarkets
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