Latest news with #Spectris
Business Insider
13-06-2025
- Business
- Business Insider
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.'
Reuters
13-06-2025
- Business
- Reuters
UK's Spectris rejects second KKR takeover approach in favour of Advent's $5 billion proposal
June 13 (Reuters) - Britain's Spectris (SXS.L), opens new tab said on Friday it has rejected a second takeover proposal from private equity firm KKR, days after the scientific instruments maker backed a possible competing $5 billion bid from Advent. Spectris did not provide details on KKR's proposal, noting only that it was the second proposal by the PE firm it had rejected. The company, which provides hardware and software solutions to sectors such as pharmaceuticals, steel and automotive, said on Monday it would accept private equity firm Advent's proposal of 37.63 pounds per share if a formal offer was made. Advent and KKR did not immediately respond to Reuters' requests for comment. The competing proposal by KKR was first reported by the Wall Street Journal on Friday. Spectris is the largest takeover target this year in Britain, a country that has attracted overseas buyers in recent years due to relatively cheap valuations. Under UK takeover rules, KKR has until July 11 to make a formal offer or walk away.
Wall Street Journal
13-06-2025
- Business
- Wall Street Journal
KKR Making Competing Bid for Equipment Maker Spectris
KKR KKR -1.64%decrease; red down pointing triangle is preparing a bid for Spectris, a U.K. maker of high-tech equipment and software, according to people familiar with the matter. The private-equity giant would be bidding against rival Advent International, which submitted a proposal valuing Spectris at £37.63 per share, or about $5 billion, the company confirmed Monday.
Bloomberg
13-06-2025
- Business
- Bloomberg
Foreign Buyers in $10 Billion Scramble for UK Takeover Targets
Foreign buyers are feverishly snapping up UK companies at a time when London is struggling to maintain the size of its stock market and attract new listings. Almost $10 billion worth of deals targeting UK firms emerged on Monday alone this week, when US buyout firm Advent confirmed a £3.7 billion ($5 billion) takeover proposal for Spectris Plc, a maker of precision and testing equipment and software, and Qualcomm Inc. agreed a roughly $2.4 billion deal for London-listed semiconductor company Alphawave IP Group Plc. Both transactions carried premiums comfortably above 80%.
Yahoo
10-06-2025
- Business
- Yahoo
London-listed Spectris soars 20% on fresh takeover interest from Advent
-- Shares of Spectris PLC (LON:SXS) surged by over 20% in London trading following a Bloomberg News report that private equity firm Advent is considering a takeover of the UK-based precision and testing equipment maker. The potential acquisition comes as Spectris shares had previously dropped about 18% this year, valuing the company at around £2 billion ($2.8 billion). Spectris, which employs 7,600 people across more than 30 countries, specializes in developing high-tech instruments, testing equipment, and software for various industries, including life sciences, automotive, electronics, and semiconductors. Asia is a significant market for Spectris, contributing to about 36% of its revenue last year, with Europe and North America following closely. This news of potential acquisition interest comes after a failed takeover attempt by Bain Capital and Advent International in 2018, which was abandoned amid the political uncertainties brought on by Brexit. Under the leadership of CEO Andrew Heath, Spectris has been streamlining operations since 2018, focusing on its core business in the scientific and dynamics divisions. This strategic shift followed a decline in first-quarter sales due to weakened demand in key sectors such as automotive and semiconductors. Despite the challenging market conditions, Spectris has been optimistic about mitigating the impacts of tariffs and achieving strong growth in adjusted operating profit by 2025. Related articles London-listed Spectris soars 20% on fresh takeover interest from Advent AppLovin would be more valuable without its 1P games, Morgan Stanley argues Morgan Stanley downgrades Lululemon on weak US growth outlook
