IN BRIEF: Spectris shareholders approve PS4.2 billion takeover by KKR

Spectris PLC - London-based provider of high-tech instruments, test equipment and software - Spectris shareholders at general and court meetings on Wednesday vote to accept a takeover offer from US private equity firm Kohlberg Kravis Roberts & Co. The takeover is supported by 99.9% of shares voted. The recently raised KKR offer of 4,175p per share values all Spectris equity at £4.2 billion and gives an enterprise value of £4.8 billion. It consists of 4,147p in cash and an interim dividend of 28p. The way was cleared for the KKR offer after Advent International LP earlier this month said its own 4,100p per share bid for Spectris was final and would not be increased again. Spectris had accepted the increased offer from Advent and withdrew its recommendation of a 4,000p bid from KKR but switched horses again when KKR raised its own offer.

Current share price: 4,040.00p

12-month change: up 38%

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