Philip Morris International (PMI) has secured shareholder acceptances for 77.6 per cent of Vectura’s shares meaning the company is set to be delisted on 19 October, reports The Times.

The GBP 1 billion takeover of Vectura by PMI has been secured with the latter acquiring almost 78 per cent of the shares. As a result, Vectura’s listing is due to be cancelled on 19 October, according to The Times. PMI has urged remaining Vectura shareholders who did not accept the offer to do so before the end of the month. Shareholders that do not accept the offer may be forced to sell anyway as if PMI reaches 90 per cent acceptances it has the right to buy out minority shareholders.