Spectris PLC on Monday reported it has received a conditional takeover offer from private equity firm Advent International LP.
The London-based provider of high-tech instruments, test equipment and software said the offer comprised 3,735 pence in cash plus a proposed interim dividend of 28 pence per Spectris share.
Shares in Spectris were up 66% at 3,392.00p in London on Monday afternoon, giving it a market capitalisation of £3.40 billion.
The bid by Advent would value Spectris’ equity at more than £3.7 billion, giving the firm a £4.4 billion enterprise valuation including debt.
The dividend would be paid in line with Spectris’ current dividend calendar.
The offer was made by Advent International Ltd, acting as an adviser to Advent.
Should a firm offer be made, ‘the board has carefully considered the proposal together with its advisers and concluded that the proposal is at a value that the board would be minded to recommend unanimously to Spectris shareholders,’ said Spectris.
Advent International has until July 7 to make a firm offer, and Spectris noted there can be no certainty any offer will be made.
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