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Spectris confirms takeover proposal from Advent, shares surge
(Sharecast News) - Spectris surged on Monday after confirming it has received a takeover proposal from private equity firm Advent International that it would be minded to recommend if a firm offer was made. Advent has proposed £37.63 per Spectris share. This includes £37.35 in cash and a proposed interim dividend of £0.28 per share.
The scientific instruments maker said the proposal follows a number of earlier approaches from Advent regarding a possible all cash offer.
It said the board has carefully considered the proposal with its advisers and concluded that it was at a value it would be minded to recommend unanimously to shareholders, should a firm offer be made.
"Accordingly, the board is in discussions with Advent in relation to these terms and has provided access to confirmatory due diligence," the company said.
Under UK takeover rules, Advent has until 1700 BST on 7 July to either make a firm offer or walk away.
At 1435 BST, Spectris shares were up 63% at 3,322.06p.
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