The board of Vectura has recommended a £1.1 billion takeover by Philip Morris International despite more than 20 leading public health bodies, experts and doctors calling for it to reject the deal. The respiratory drugs company said last night that it would recommend shareholders accept the acquisition by one of the world’s largest tobacco companies, which values it at 165p a share, a 10p-a-share premium to a rival 155p-a-share offer from Carlyle, the US private equity firm. – The Times
Companies offering Covid tests to travellers may be skewing the market by not charging VAT sales tax, a Guardian investigation has found, adding to pressure on the government to intervene and regulate pricing. Guidance from the UK’s tax authority, HMRC, states Covid tests are only exempt from VAT, which amounts to 20% on the sale price, if administered by a registered health professional or if the company selling them has sales of less than £85,000 a year. – Guardian
Facebook could be forced to unwind its acquisition of Giphy after the competition watchdog said the deal may be harming consumers and businesses. The move could lead to the UK’s Competition and Markets Authority taking the world’s largest social media company to court if Facebook does not comply with its final decision. – The Times
Hackers behind one of the biggest-ever digital coin heists have now returned nearly all of the $610m-plus they stole, the cryptocurrency platform targeted this week by the attack says. The Poly Network platform, which was little known before Tuesday’s heist, on Thursday declared the hacker on Twitter to be a “white hat”, referring to ethical hackers who generally aim to expose cyber vulnerabilities, upon the return of the funds. – Guardian
Gopuff, the American grocery delivery group, has accelerated its British expansion plans by snapping up a rival London-based start-up. The Philadelphia-based business – valued at $15 billion as of last month – has agreed an undisclosed sum to buy Dija, which promises to deliver orders in ten minutes. – The Times
