(Alliance News) - A Spirent Communications PLC acquisition offer put forward by Viavi Solutions Acquisitions Ltd lapsed on Friday, with the FTSE 250 listing edging closer to being taken over by Keysight Technologies Inc.
The Crawley, England-based automated test and assurance solutions provider in March had agreed to Viavi's GBP1.01 billion offer, which priced each Spirent shares at 175.00 pence each.
Later that month, however, Keysight, a California-based electronics test and measurement equipment firm, made an offer of 201.50p per share. This represented a 15% increase from Viavi's proposition. The deal, worth GBP1.16 billion, comprises a 199p cash consideration and a special dividend payment of 2.5p per share.
Spirent subsequently withdrew its recommendation for the Viavi offer and adjourned a meeting scheduled for May 1.
Viavi's bid was conditional on such a meeting taking place prior to May 23, and with that condition not satisfied, the offer has lapsed.
On Wednesday, the acquisition by Keysight got the backing of voters at court and general meetings. That deal remains subject to some regulatory approvals.
Spirent shares were down 1.3% to 183.20 pence each in London on Friday morning.
By Elijah Dale, Alliance News reporter
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Spirent (SPT)