Spectris continues Advent talks after rejecting rival KKR approach

(Alliance News) - Spectris PLC on Friday confirmed it had rejected a bid approach from Kohlberg Kravis Roberts & Co LP only days before announcing a rival offer from Advent International LP.

Responding to press speculation, the London-based provider of high-tech instruments, test equipment and software said it had rejected a possible cash offer from private equity firm, KKR a week last Thursday.

It followed an earlier proposal from KKR to the board.

Spectris said no further proposal from KKR has been received but that KKR has requested access to equivalent due diligence information as provided by Spectris to Advent International.

KKR is reviewing this information and has until July 11 to announce a firm intention to make an offer for Spectris.

On Monday, Spectris reported it had received a conditional takeover offer from private equity firm Advent International.

On Friday, Spectris said it remains in discussions with Advent regarding a possible cash offer at an offer value of GBP37.63 per Spectris share.

Shares in Spectris closed down 1.6% at 3,168.00 pence each in London on Friday. It has a market value of GBP3.14 billion.

By Jeremy Cutler, Alliance News reporter

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