Spectris PLC (LSE:SXS) shares rose 1.7% on Tuesday following an announcement that KKR has raised its cash offer to acquire all outstanding and forthcoming shares of the company.
The updated bid values Spectris at £41.75 per share, consisting of £41.47 in cash plus an interim dividend of 28 pence per share.
This offer is 1.8% higher than Advent International’s previous bid of £41.00 per share, placing Spectris’s overall valuation at around £4.2 billion and implying an enterprise value of approximately £4.8 billion.
KKR’s increased proposal, to be executed via a court-approved scheme of arrangement, represents a substantial premium of 104.9% compared to Spectris’s closing price of £20.38 on June 6, 2025 — the last trading day before the offer period commenced.
In light of the improved offer, Spectris’s board has unanimously withdrawn its prior recommendation for Advent International’s bid and now urges shareholders to support the KKR scheme at the forthcoming court and general meetings set for August 27, 2025.
The deal is anticipated to complete by or before Q1 2026, pending satisfaction of all customary closing conditions.
KKR plans to fund the additional cash component through a mix of equity from its managed funds and debt financing. Some equity co-investors, including groups managed by Neuberger Berman and Pathway Capital Management, will hold passive minority stakes.
The bid values Spectris at 20.3 times adjusted EBITDA and 23.9 times adjusted EBIT for the fiscal year ended December 31, 2024.
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