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Investing.com -- Spectris plc (LON:SXS) shares fell over 3% on Monday after the London Stock Exchange (LON:LSEG) listed company announced the termination of a final takeover offer from MI Metron UK Bidco Ltd, an entity backed by Advent International.
The decision follows a series of competing bids for the precision instrumentation and controls company over the past two months.
On June 23, Spectris and Bidco agreed on a recommended cash acquisition valued at £37.63 per share, plus a 28 pence interim dividend.
Days later, on July 2, Spectris accepted a higher offer from Project Aurora Bidco Limited, a Kohlberg Kravis Roberts & Co. (KKR) unit, worth £39.72 per share plus the dividend, prompting the board to withdraw its support for Advent’s initial bid.
Negotiations escalated in late July and early August, with each side increasing its proposals.
On Aug. 1, Spectris and Bidco announced an improved offer of £41.00 per share, followed on Aug. 5 by a £41.75 per share bid from KKR.
Spectris’ board recommended the higher KKR offer and withdrew support for Advent’s final proposal.
Bidco confirmed it would not raise its £41 per share offer and no longer intended to proceed with the acquisition.