Spectris Accepts £3.8bn Takeover Offer from Advent International

Spectris, a British scientific instruments maker, has agreed to a £3.8 billion takeover deal with private equity firm Advent International, which offered £37.63 per share in cash plus a 28p interim dividend. The deal values Spectris at an 84.6% premium to its undisturbed share price and reflects confidence in the company's strategy and growth potential following significant restructuring and capital raising since 2018. Spectris operates in precision measurement, instrumentation, and testing, serving markets such as pharmaceuticals, semiconductors, and advanced materials through its divisions Spectris Scientific and Spectris Dynamics. Despite Advent's firm offer, rival private equity firm Kohlberg Kravis Roberts (KKR) is still conducting due diligence and has not ruled out making a competing bid, urging shareholders to take no action on Advent's offer. Spectris' board and management have expressed support for Advent's proposal, highlighting the potential benefits for stakeholders and employees, while KKR remains engaged and may pursue a formal offer. The UK Panel on Takeovers and Mergers is monitoring the situation and will announce deadlines for KKR's intentions regarding any firm offer.