The UK’s Takeover Panel stepped in to break the impasse a day after Philip Morris raised its offer for Vectura to 165 pence per share, valuing the company at 1 billion pounds ($1.4 billion). Carlyle and Vectura had previously agreed to a sweetened, 155 pence per share proposal last week. The takeover regulator has the power to instigate a formal auction process if two competing bids that have not been declared final remain on the table for the company at the end of the offer period.
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