Spectris says company Board rejected KKR preliminary proposal
Spectris said in a statement that its Board 'notes the media speculation regarding a possible offer for Spectris by KKR (KKR).' 'The Board confirms that it received a preliminary and conditional proposal from Kohlberg Kravis Roberts & Co. L.P., acting as an advisor to its affiliated investment funds and separately managed accounts regarding a possible cash offer for the entire issued and to be issued ordinary share capital of Spectris on 5 June 2025. The Board rejected the KKR Proposal. The KKR Proposal follows an earlier proposal from KKR to the Board. No further proposal from KKR has been received. Under the Code, KKR has requested access to equivalent due diligence information as provided by Spectris to Advent International Limited. KKR is reviewing this information. In accordance with Rule 2.6(a) of the Code, KKR is required, by not later than 5.00 p.m. on 11 July 2025, either to announce a firm intention to make an offer for Spectris in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code. There can be no certainty that any offer will be made by KKR or as to the terms of any such offer. Further to the announcement on 9 June 2025, Spectris remains in discussions with Advent regarding a possible cash offer for Spectris by Advent at an offer value of GBP 37.63 per Spectris share.'
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