This Private Equity Auction Is an Indictment of London's Market
Spectris is a classic target for a buyout — one of those unloved British companies that's essentially international when you look at where its sales come from. The company's share price halved from December 2023 through April this year on various disappointments, driving its market cap down to around £2 billion ($2.7 billion). Earnings are in a cyclical trough, and the valuation likely suffers a conglomerate discount since the business serves unrelated industries, including autos and health care.
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