LONDON (dpa-AFX) - Oxford Instruments plc (OXIG.L) confirmed Monday that it received, on 25 February 2022, a non-binding indicative cash and share proposal from Spectris plc (SEPJF.PK, SXS.L) regarding a possible offer for the entire issued, and to be issued, share capital of Oxford Instruments. The proposal followed a series of earlier proposals from Spectris, the first of which was received on 11 February 2022.
As per the terms of the proposal, which values each Oxford Instruments share at 31.00 pounds, Oxford Instruments shareholders would receive 19.50 pounds in cash plus 11.50 pounds in new Spectris shares for each Oxford Instruments share.
Oxford Instruments has indicated to Spectris that the proposal is at a price level that it would be minded to recommend to Oxford Instruments shareholders.
Oxford Instruments noted that discussions between the companies remain ongoing. a further announcement will be made as and when appropriate.
As per the U.K. rule, Spectris is required, by no later than 5.00 p.m.on 28 March 2022, being 28 days after today's date, to either announce a firm intention to make an offer for the Company or announce that it does not intend to make an offer. The deadline can be extended with the consent of the takeover panel.
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