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(Alliance News) - Spirent Communications PLC on Thursday said it agreed to a takeover by Keysight Technologies Inc, weeks after it recommended a takeover by Viavi Solutions Inc.
The Crawley, England-based test and assurance solutions provider said it agreed to a GBP1.16 billion takeover from the Santa Rosa, California-based manufacturer of electronics test and measurement equipment and software.
Spirent said the offer by Keysight was superior to the existing GBP1.01 billion bid by Viavi, a Chandler, Arizona-based manufacturer of testing and monitoring equipment for networks. Spirent had recommended the takeover by Viavi on March 5.
The latest offer values Spirent at 201.5 pence per share, 199.0p in cash and 2.5p in a special dividend. Viavi's all-cash offer was for 175 pence per share, comprising 172.5p cash and a 2.5p special dividend.
Spirent shares jumped 11% to 198.00 pence each on Thursday morning in London.
Spirent Chair Bill Thomas commented: "The board of Spirent is pleased to recommend Keysight's cash offer for Spirent, which is an increase of 15% to the Viavi proposal."
Chief Executive Officer Eric Updyke added: "Keysight's offer for Spirent will provide further opportunities for our employees and strengthens our customer offering, given Keysight's technology expertise, capabilities and robust global platform with its breadth and depth of industry-leading solutions."
By Tom Budszus, Alliance News slot editor
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