Spectris Backs KKR’s Sweetened £4.8 Billion Bid, Drops Advent

British scientific-instruments maker Spectris has accepted an improved takeover proposal from U.S. private-equity firm KKR that values the London-listed company at about £4.8 billion ($6.4 billion) including debt. The agreement, struck at £41.75 a share, supersedes Spectris’s earlier backing for a £41 offer from rival bidder Advent International announced just four days earlier. KKR’s higher bid ends a month-long contest for Spectris, whose share price had halved from its 2021 peak, drawing interest from overseas buyers attracted by subdued U.K. valuations. Spectris said its board now recommends the KKR offer and has withdrawn support for Advent, opening the way for a scheme-of-arrangement vote by shareholders.