Spectris agrees £4.8bn takeover offer as KKR outbids private equity rival
The two US firms have been battling for control of the FTSE 250 firm since it agreed to an initial £37.63 per Spectris share bid from Advent in June.
Spectris withdrew its support for an Advent bid valuing its shares at £41 each on Tuesday, and backed a sweetened KKR offer of £41.75 per share instead.
The offer values Spectris' equity at £4.2billion, with an enterprise value of £4.8billion.
New York buyout group KKR was dubbed the 'barbarians at the gate' for its fearsome reputation following a 1989 takeover of RJR Nabisco, which was turned into a book and film.
It marks another major blow to Britain's public markets, which are on course for the biggest year of takeovers since 2021 after £74billion of offers in the first half, according to Peel Hunt.
Spectris directors unanimously recommended KKR's latest offer, which they said was 'fair and reasonable' and 'in the best interests' of shareholders.
Spectris shares have more than doubled since Advent's initial bid in June, propelled by the bidding war, and closed at 4,140p on Monday evening.
KKR's latest bid values the firm at a 104.9 per cent premium to Spectris' closing share price of £20.38 on 6 June 2025 when Advent's initial bid was made.
The firm's latest offer comprises £40.72 in cash and an interim dividend of 28p per Spectris Share.
Investors will have to approve the deal at an upcoming meeting before it can go ahead.
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