(Reuters) -British scientific instruments maker Spectris said on Friday it had decided against proceeding with U.S. private equity firm Advent's buyout proposal, days after backing rival suitor KKR's
UK's Spectris drops Advent offer in favour of KKR
Spectris Buyout Decision
(Reuters) -British scientific instruments maker Spectris said on Friday it had decided against proceeding with U.S. private equity firm Advent's buyout proposal, days after backing rival suitor KKR's $6.4 billion offer.
Bidding War Overview
In June, a bidding war for Spectris began with an initial offer from Advent. After KKR entered the fray with its own bid, the British company's board repeatedly changed its recommendation between the two private equity firms.
Market Context for UK Assets
Britain's subdued valuations and relative stability have attracted overseas buyers, with a flurry of bids in recent months highlighting appetite for UK assets.
Shareholder Meeting Details
The London-headquartered company, on August 5, agreed to a bid of 41.75 pounds per share from U.S. private equity firm KKR, making it Britain's biggest takeover target of the year, just four days after backing Advent's earlier bid of 40.72 pounds per share.
Spectris said that Advent has confirmed that it no longer wishes to proceed with the final offer.
The shareholder meetings relating to the increased KKR Offer will take place, as planned, on August 27, Spectris added.
(Reporting by Prerna Bedi and Shanima A in Bengaluru; Editing by Alan Barona)
