Futures point higher; AMD reports; Novo to cut costs - what’s moving markets
Investing.com -- Spectris PLC (LON:SXS) stock rose 1.7% on Tuesday after the company said that KKR has increased its cash offer to acquire the entire issued and to be issued share capital of Spectris.
The new offer values Spectris at £41.75 per share, comprising £41.47 in cash and an interim dividend of 28 pence per share.
This represents a 1.8% premium over the previous £41.00 per share offer from Advent International and values the company at approximately £4.2 billion, with an implied enterprise value of £4.8 billion.
The increased offer from KKR, which will be implemented through a court-sanctioned scheme of arrangement, represents a substantial premium of 104.9% to Spectris’ closing price of £20.38 on June 6, 2025, the last business day before the offer period began.
Following this development, Spectris’ board of directors has unanimously withdrawn their recommendation for the Advent International offer and now recommends shareholders vote in favor of the KKR scheme at the upcoming court meeting and general meeting scheduled for August 27, 2025.
The transaction is expected to close in or before the first quarter of 2026, subject to satisfaction of all relevant conditions.
The additional cash consideration will be funded through a combination of equity from KKR-managed funds and debt financing, with certain equity co-investors including entities managed by Neuberger Berman and Pathway Capital Management taking passive minority positions.
The offer implies a multiple of 20.3 times Spectris’ adjusted EBITDA and 23.9 times adjusted EBIT for the year ended December 31, 2024.