LONDON (dpa-AFX) - Spectris plc (SEPJF, SEPJY, SXS.L), a supplier of precision instrumentation and controls, has agreed to be acquired by Bidco for 40 pounds per share or about 4.1 billion pounds in cash.
Under the terms of the deal, each Spectris shareholder will receive a total of 40 pounds per share, made up of 39.72 pounds in cash from Bidco and an interim dividend of 28 pence, which Spectris plans to pay as part of its full year 2025 dividend schedule.
The offer represents a premium of 6.3% over the previous 37.63 pounds per share offer from Advent, and a significant uplift of 96.3% over Spectris's closing share price of 20.38 pounds on June 6.
It also reflects a 94.4% premium to the one-month average price and an 85.6% premium to the three-month average price leading up to that date. Bidco will acquire the entire issued and to-be-issued share capital of Spectris.
With this improved offer, the Spectris board has also withdrawn its earlier support for the 37.63 pounds per share proposal from Advent, announced on June 23.
The offer values Spectris's entire issued and to-be-issued share capital at around 4.1 billion pounds, with an implied enterprise value of approximately 4.7 billion pounds. This represents a multiple of 19.5 times Spectris' adjusted EBITDA and 23.0 times its adjusted EBIT for the year ended December 31, 2024.
Bidco, also known as Project Aurora Bidco Limited, is a newly formed company indirectly owned by funds managed by KKR, Kohlberg Kravis Roberts & Co. L.P.
Spectris is currently trading, 4.28% lesser at 3,994 pence on the London Stock Exchange.
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