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LONDON - Advent International has withdrawn its final £41.00 per share offer for precision measurement company Spectris (LON:SXS) plc, ending a month-long bidding war that saw KKR emerge with the highest bid.
According to a statement released Friday, MI Metron UK Bidco Ltd, the Advent-backed vehicle, confirmed to Spectris that it would not increase its final offer of £40.72 in cash plus a 28 pence interim dividend per share, and no longer wishes to proceed with the acquisition.
The termination follows a series of escalating bids between Advent and KKR since June 23, when Advent initially agreed to acquire Spectris for £37.63 per share. KKR entered the contest on July 2 with a £40.00 per share offer, prompting Advent to raise its bid to £41.00 on August 1.
KKR ultimately secured the Spectris board’s recommendation with an improved offer of £41.75 per share on August 5, consisting of £41.47 in cash and a 28 pence interim dividend.
The Panel on Takeovers and Mergers has released Advent from its obligation to proceed with its offer and has imposed restrictions preventing Advent from making another bid for Spectris for 12 months without the Panel’s consent.
Shareholder meetings to consider the KKR offer will proceed as planned on August 27, according to the press release.
Spectris, which specializes in precision measurement technologies, has been advised by Goldman Sachs International, Rothschild & Co, BofA Securities, and Barclays (LON:BARC) throughout the bidding process.
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