Burnt by their own board. How Vectura’s 250 scientists must be fuming. Their work is focused on developing treatments for breathing problems mainly caused by Big Tobacco. And now look: the board’s recommended selling out to a fags group.
Still, who cares about the people whose ingenious inhaler tech built Vectura? Not, it would seem, the bright sparks on the board, led by chairman Bruno Angelici, who’ve somehow worked out that Philip Morris’s 165p-a-share final offer is “superior to the price of 155p” tabled by private equity outfit Carlyle. Sure, the board has its fiduciary duty. Marlboro man’s bid is worth more than £1 billion — not to be wheezed at versus Carlyle’s £958 million.
Few boards could turn down a 60 per cent cash
Originally Appeared Here