The Game of Offers: Spectris Accepts Final KKR Offer Over Advent's Last Bid

An exciting chapter in the acquisition history of Spectris plc, the FTSE 250 precision measurement and instrumentation company, has finally come to an end. The journey was nothing less than a roller-coaster ride of cash acquisition bids, with strong contenders for control of the entire issued share capital of Spectris.

MI Metron UK Bidco Ltd (Bidco), a joint venture under the overseas Advent company, initially approached Spectris with a recommended cash acquisition offer of £37.63 per share. However, the entry of a formidable rival, Project Aurora Bidco Limited, a special purpose vehicle influenced by funds advised by Kohlberg Kravis Roberts & Co. (KKR Bidco), shook things up, offering a sizable £40.00 per share.

The game of acquisition saw a surprising turn when Bidco decided against increasing their offer of £41.00 per share and announced their decision to withdraw from the race. Consequently, the Spectris board has concluded not to proceed with the scheme of arrangement required to implement the Final Advent Offer, leaving KKR as the champion of this high stakes bidding war.

This acquisitive journey speaks volumes about the attractiveness and strategic value of Spectris plc in the market. Its strong foothold in the precision measurement and industrial technology sector made it a desirable acquisition. Now, with this fervent chapter closed, all eyes will be on how Spectris shapes its future under the winning wing of KKR.