EU and US could reach trade deal this weekend - Reuters
LONDON - Spectris (LON:SXS) plc confirmed Friday it received a preliminary cash offer proposal from KKR on June 5, which the company’s board rejected. The announcement comes in response to media speculation about a possible acquisition.
The engineering company said the proposal from Kohlberg Kravis Roberts & Co. L.P., which was acting as an advisor to its affiliated investment funds, followed an earlier proposal that was also rejected. KKR has not submitted any further proposals but has requested access to due diligence information equivalent to what was provided to Advent International Limited.
Under takeover regulations, KKR must announce a firm intention to make an offer by July 11 or declare it does not intend to proceed. This deadline can be extended with approval from the Takeover Panel.
Meanwhile, Spectris confirmed it remains in discussions with Advent International regarding a possible cash offer valued at £37.63 per Spectris share, as previously announced on June 9.
The company emphasized there is no certainty that any offer will materialize from either KKR or Advent.
Goldman Sachs International and Rothschild & Co are serving as joint financial advisers to Spectris in connection with these matters, according to the press release statement.
Spectris shares are traded on the London Stock Exchange (LON:LSEG) under the identification number GB0003308607.
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