Advent Wins Spectris With £4.8 Billion Offer, Beating KKR

Spectris plc has agreed to a sweetened takeover offer from Advent International that values the London-listed maker of precision measurement instruments at about £4.8 billion ($6.4 billion), including debt. Under the terms, shareholders will receive 40.72 pounds in cash and an interim dividend of 28 pence, bringing the total payout to roughly 41 pounds per share. The revised proposal eclipses a £4.7 billion bid from KKR, prompting Spectris’s board to withdraw its backing for the U.S. investment firm. KKR said it is reviewing Advent’s higher offer and considering its response. The contested deal is among the largest announced in the United Kingdom this year and still requires approval from Spectris shareholders and regulators.