Private equity giant KKR wins takeover battle for British scientific testing kit maker Spectris
In another blow to the City, the British scientific testing kit maker is the latest firm to leave the London stock market.
It came as research from broker Peel Hunt showed the UK is on course for the biggest year of takeovers since 2021, after £74billion of offers so far this year.
The Spectris board withdrew support for the £4.4billion Advent bid in favour of KKR.
New York buyout group KKR was dubbed the 'barbarians at the gate' for its fearsome reputation following a 1989 takeover of RJR Nabisco, which was turned into a book and film.
Spectris chairman Mark Williamson said: 'KKR's offer provides attractive and immediate cash value for shareholders and a compelling vision for the future of the group the board believes will be to the benefit of stakeholders.'
It comes amid a flurry of takeovers on London's stock market. Last month, KKR lost out when the GP surgery owner Assura accepted a £1.8billion offer from Primary Health Properties.
Microchip designer Alphawave agreed a £1.8billion takeover by US software giant and Nvidia rival Qualcomm.
And in the last few months, ready meal maker Greencore bought food manufacturer Bakkavor for £1.2billion and Dowlais, the car parts arm of GKN, was snapped up for £1.1billion by American Axle and Manufacturing.
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