Spectris agrees to Advent takeover as it trumps KKR offer

(Sharecast News) - Precision instrument maker Spectris has agreed to be bought by Advent International after it trumped an offer from US investment firm KKR. Spectris announced last month that it had agreed to be taken over by KKR in a £4.7bn, or £40 per share deal. This was above a £37.63 a share offer made by Advent.

However, the company announced on Friday that it has now agreed to be bought by Advent, after it increased its offer to £41 a share, a 2.5% premium to the KKR offer.

This comprises £40.72 in cash and an interim dividend of 28p. The price represents a premium of 101.2% to the closing Spectris share price on 6 June, which was the last business day prior to the start of the offer period.

At 1535 BST, Spectris shares were up 1.6% at 4,054p.