LONDON (Reuters) -British scientific instruments maker Spectris has agreed to a sweetened offer from U.S. private equity firm KKR valuing it at 4.8 billion pounds ($6.4 billion), it said on Tuesday,
UK's Spectris agrees sweetened KKR offer as takeover battle heats up
Overview of the Takeover Situation
LONDON (Reuters) -British scientific instruments maker Spectris has agreed to a sweetened offer from U.S. private equity firm KKR valuing it at 4.8 billion pounds ($6.4 billion), it said on Tuesday, withdrawing its backing for a lower offer from rival suitor Advent.
Details of KKR's Offer
The London-headquartered company said it had agreed to a 41.75 pound per share deal with KKR just four days after backing a bid from Advent at 41 pound per share.
Competitive Landscape
The two private equity firms have been vying for control of the company for over a month after Spectris agreed to an initial offer from Advent in June.
Market Implications
Britain's subdued valuations and relative stability have attracted overseas buyers, with a flurry of bids in recent months highlighting appetite for UK assets.
The KKR offer values Spectris' equity at 4.2 billion pounds, with an enterprise value of 4.8 billion pounds.
($1 = 0.7528 pounds)
(Reporting by Yadarisa Shabong in Bengaluru and Charlie Conchie in London; Editing by Mrigank Dhaniwala and Iain Withers)
