Spectris accepts GBP4.1 billion takeover offer from KKR over Advent

(Alliance News) - Spectris PLC on Wednesday said it has agreed to the terms of a takeover offer from funds advised by Kohlberg Kravis Roberts & Co that values it at GBP4.1 billion, beating an earlier bid by rival US private equity firm Advent International LP.

KKR will pay GBP40.00 in cash per share for the London-based provider of high-tech instruments, test equipment and software, an offer consideration that includes a 20 pence dividend. The bid values all Spectris equity at GBP4.1 billion and implies an enterprise value, including debt, of around GBP4.7 billion.

In response, shares in Spectris rose 4.4% to 3,996.55p in London on Wednesday morning. The stock is up 42% over the past 12 months.

The offer represents a 6.3% premium to last month's offer by Advent for GBP37.63 per share, and a 96% premium to the Spectris share price on June 6, the day before the approach from Advent was revealed.

As such, the Spectris board said it has unanimously withdrawn its recommendation of the Advent offer.

The acquisition is expected to complete in or by the first quarter of 2026.

Spectris Chair Mark Williamson said KKR's offer "reflects the excellent work of the Spectris management team in recent years to transform Spectris into a focused, high quality, premium precision measurement business that is well positioned for the future".

"While we remain confident in the opportunities for the business, KKR's offer provides attractive and immediate cash value for shareholders and a compelling vision for the future of the group that the board believes will be to the benefit of our stakeholders."

On June 13, Spectris said it had rejected an earlier bid approach from KKR in favour of Advent.

By Michael Hennessey, Alliance News reporter

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