Spectris backs GBP4.2 billion takeover offer from KKR over Advent

(Alliance News) - Spectris PLC on Tuesday withdrew its recommendation of a takeover offer from Advent International LP and instead backed an increased cash offer from funds advised by US private equity firm Kohlberg Kravis Roberts & Co.

Project Aurora, a special purpose vehicle owned by funds advised by KKR, will pay GBP41.75 per share for the London-based provider of high-tech instruments, test equipment and software, including a 28 pence dividend.

The bid values all Spectris equity at GBP4.2 billion and implies an enterprise value of GBP4.8 billion.

In response, share in Spectris were up 1.8% at 4,154.85p in London on Tuesday morning. However, the stock had already doubled in the past two months.

The offer represents a 1.8% premium to Advent's increased offer for GBP41 per share, and is more than double the Spectris share price on June 6, the day before the initial approach from Advent was revealed.

On Friday last week, Spectris had accepted the increased offer from Advent and withdrew its recommendation of a GBP40 per share bid from KKR but switched horses again on Tuesday.

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

By Michael Hennessey, Alliance News reporter

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