Spectris Board Backs Advent's £4.8 Billion Takeover Offer Over KKR

The bidding war for the British scientific instruments maker Spectris has escalated as Advent International increased its takeover offer to £4.8 billion ($6.38 billion), including debt, surpassing a rival bid from KKR. Spectris' board withdrew its support for KKR's offer and unanimously recommended the improved Advent bid, which offers shareholders £40.72 per share in cash plus a 28p interim dividend. This revised Advent offer tops KKR’s previous £4.7 billion proposal and follows an initial Advent bid of £3.8 billion. Shares in Spectris have surged to a near four-year high amid the competitive bids, reflecting strong investor interest. The intense competition between American private equity firms highlights the attractiveness of UK technology and industrial assets to overseas buyers. KKR is currently considering its next steps following Spectris' withdrawal of support for its offer.