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LONDON - Spectris PLC (LSE:SXS) shareholders have overwhelmingly approved a takeover bid by KKR-backed Project Aurora Bidco Limited, according to voting results announced Wednesday.
At meetings held on August 27, shareholders voted in favor of the recommended cash acquisition that values each Spectris share at £41.75, comprising £41.47 in cash and a 28 pence interim dividend.
The Court Meeting saw 99.93% of voting shares cast in support of the scheme of arrangement, representing 43.85% of all eligible scheme shares. At the General Meeting, 99.93% of votes backed the special resolution to implement the acquisition.
The takeover, first announced on July 2 and subsequently increased on August 5, will be implemented through a court-sanctioned scheme of arrangement under the Companies Act 2006.
With shareholder approval secured, the acquisition still requires court sanction at a hearing expected to be held in or before the first quarter of 2026.
KKR, a global investment firm, is pursuing the acquisition through Project Aurora Bidco Limited, a special purpose vehicle indirectly wholly owned by investment funds and vehicles advised or sponsored by Kohlberg Kravis Roberts & Co. L.P. and its affiliates.
Goldman Sachs International, Rothschild & Co, BofA Securities, and Barclays are serving as financial advisers to Spectris, while J.P. Morgan Cazenove is acting as financial adviser to KKR and Bidco.
The information in this article is based on a press release statement from Spectris.
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