Aug 1 (Reuters) - British scientific instruments maker
Spectris ( SEPJF ) has agreed to private equity firm Advent's
sweetened takeover offer worth 4.8 billion pounds ($6.38
billion), including debt, as the battle for Britain's biggest
takeover target of the year heats up.
Shares in the London-headquartered company closed up 2.2% at
4,078 pence, a near four-year high. They have more than doubled
in value since Advent made its first buyout proposal on June 9.
Advent is now offering Spectris ( SEPJF ) shareholders 40.72 pounds
per share in cash and an interim dividend of 28 pence, topping a
4.7 billion pound offer from U.S. investment firm KKR,
which also included debt.
KKR is evaluating its next steps and will update the market
when appropriate, it said in a statement after Spectris' ( SEPJF ) board
withdrew support for its offer.
The U.S. firm also recently lost out on British healthcare
real estate investor Assura, which recommended a rival
bid from Primary Health Properties ( PHPRF ).
Britain's subdued valuations and relative stability have
attracted overseas buyers, with a flurry of bids in recent
months highlighting the appetite for UK assets.
Spectris ( SEPJF ) provides hardware and software to sectors including
pharmaceuticals, steel and automotive.
($1 = 0.7528 pounds)