Shares jump after Spectris confirms KKR interest
Shares in rallied on Monday after it rebuffed a takeover approach from US private equity giant KKR, fuelling hopes of a potential bidding war.
The British manufacturer of high-tech scientific instruments is already in discussions with American buyout firm Advent International regarding a possible cash offer of £37.63 per share, or £4.4bn including debt.
But late on Friday, Spectris confirmed KKR had also approached it about a possible takeover.
It did not disclose financial details of KKR's preliminary and conditional cash offer. But it did confirm the approach was KKR's second, and that both had been rejected.
Shares in the FTSE 250 firm spiked as soon as trading resumed on Monday and by 1030 BST they had put on 6% at £33.46.
KKR now has until 1700 BST on 11 July to either announce a firm offer or walk away, a so-called put up or shut up deadline. KKR has yet to comment.
Spectris, which supplies highly-specialised sectors such as pharmaceuticals and semiconductors, said last Monday that it was minded to accept Advent's offer should it make a formal bid.
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