-The takeover battle between tobacco giant Philip Morris and private equity firm Carlyle for British drugmaker Vectura will not go to auction after Carlyle said it would not increase its 958 million pound ($1.33 billion) bid.
Carlyle said on Tuesday it considered its final offer of 155 pence per Vectura share as “full and fair”.
Philip Morris on Sunday raised its bid for the maker of inhaled treatments to 165 pence per share.
Britain’s takeover regulator on Monday intervened in the takeover battle, saying that it would enter a rare head-to-head auction if the bidders do not make final bids by Tuesday evening.
($1 = 0.7224 pounds)