Latest news with #Spectris
Bloomberg
3 days ago
- Business
- Bloomberg
This Private Equity Auction Is an Indictment of London's Market
Something is very wrong with either the stock market or private-equity spreadsheets when two major buyout firms are competing to buy a UK company for more than double its market value. KKR & Co. and Advent International may have forced each other higher in the auction for London-listed engineer Spectris Plc. But the high takeover premiums they've dangled simply reflect the difference between what companies like this can achieve under public versus private ownership. It's a serious problem. 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.
Daily Mail
6 days ago
- Business
- Daily Mail
Spectris agrees £4.8bn takeover offer as KKR outbids private equity rival
Private equity giant KKR has trumped rival Advent's takeover bid for British scientific instruments maker Spectris with an improved offer. The two US firms have been battling for control of the FTSE 250 firm since it agreed to an initial £37.63 per Spectris share bid from Advent in June. Spectris withdrew its support for an Advent bid valuing its shares at £41 each on Tuesday, and backed a sweetened KKR offer of £41.75 per share instead. The offer values Spectris' equity at £4.2billion, with an enterprise value of £4.8billion. 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. It marks another major blow to Britain's public markets, which are on course for the biggest year of takeovers since 2021 after £74billion of offers in the first half, according to Peel Hunt. Spectris directors unanimously recommended KKR's latest offer, which they said was 'fair and reasonable' and 'in the best interests' of shareholders. Spectris shares have more than doubled since Advent's initial bid in June, propelled by the bidding war, and closed at 4,140p on Monday evening. KKR's latest bid values the firm at a 104.9 per cent premium to Spectris' closing share price of £20.38 on 6 June 2025 when Advent's initial bid was made. The firm's latest offer comprises £40.72 in cash and an interim dividend of 28p per Spectris Share. Investors will have to approve the deal at an upcoming meeting before it can go ahead.
Reuters
6 days ago
- Business
- Reuters
UK's Spectris agrees sweetened KKR offer as takeover battle heats up
LONDON, Aug 5 (Reuters) - British scientific instruments maker Spectris (SXS.L), opens new tab has agreed to a sweetened offer from U.S. private equity firm KKR (KKR.N), opens new tab valuing it at 4.8 billion pounds ($6.4 billion), it said on Tuesday, withdrawing its backing for a lower offer from rival suitor Advent. The London-headquartered company said it had agreed to a 41.75 pound per share deal with KKR just four days after backing a bid from Advent at 41 pound per share. Shares in Spectris gained 1.4% in early trading. The two private equity firms have been vying for control of the company for over a month after Spectris agreed to an initial offer from Advent in June. Britain's subdued valuations and relative stability have attracted overseas buyers, with a flurry of bids in recent months highlighting appetite for UK assets. Advent's initial bid came after Spectris' share price had declined by around half from a 2021 peak. The KKR offer values Spectris' equity at 4.2 billion pounds, with an enterprise value of 4.8 billion pounds including debt. The pace of takeovers of British companies has accelerated this year despite the turmoil triggered by U.S. tariffs, which weighed on global dealmaking in the months after so-called Liberation Day in early April. There has since been a rebound, with the value of transactions in the first seven months of the year reaching $2.6 trillion, the highest for the period since the 2021 pandemic-era peak, according to data from Dealogic. ($1 = 0.7528 pounds)
Wall Street Journal
6 days ago
- Business
- Wall Street Journal
KKR Lifts Spectris Offer to $5.6 Billion Amid Bidding War With Advent
Private-equity firm KKR KKR 1.81%increase; green up pointing triangle nudged up its offer for Spectris to around 4.2 billion pounds ($5.58 billion), marking the latest development in a protracted bidding war with Advent International for the U.K. precision-measurement company. The sweetened offer comes days after Advent improved its bid for Spectris, prompting the target to withdraw its recommendation for the previous offer put forward by KKR. The new offer is 1.8% higher than Advent's latest bid and gives Spectris an equity value of 4.2 billion pounds, KKR said.
Yahoo
6 days ago
- Business
- Yahoo
UK's Spectris agrees sweetened KKR offer as takeover battle heats up
LONDON (Reuters) -British scientific instruments maker Spectris has agreed to a sweetened offer from U.S. private equity firm KKR valuing it at 4.8 billion pounds ($6.4 billion), it said on Tuesday, withdrawing its backing for a lower offer from rival suitor Advent. The London-headquartered company said it had agreed to a 41.75 pound per share deal with KKR just four days after backing a bid from Advent at 41 pound per share. The two private equity firms have been vying for control of the company for over a month after Spectris agreed to an initial offer from Advent in June. Britain's subdued valuations and relative stability have attracted overseas buyers, with a flurry of bids in recent months highlighting appetite for UK assets. The KKR offer values Spectris' equity at 4.2 billion pounds, with an enterprise value of 4.8 billion pounds. ($1 = 0.7528 pounds)
