UK-based precision equipment maker Spectris is backing a renewed £4.1 billion (around $5.6 billion) takeover bid from KKR, dropping its support for an acquisition offer from a consortium led by Advent International last month.
KKR’s latest offer values Spectris at £40 per share in cash, representing a 6.3% premium to an earlier bid made by the Advent-led consortium.
The Spectris board has now withdrawn its backing for the Advent offer and unanimously recommended the KKR offer, which values the company at a £4.7 billion enterprise value.
This is the second time the board has switched its backing.
Spectris—which makes high-tech instruments, test equipment and software for various industries—ditched KKR’s earlier bid last month to support a £3.8 billion offer by the Advent consortium, which also includes the Canada Pension Plan Investment Board and the Singaporean sovereign wealth fund GIC.
Featured image by Carlos Duarte/Getty Images
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