Hedge fund Balyasny Asset Management has increased its stake in Spectris, paying a price above a current takeover proposal in a sign it is betting a higher offer for the British industrial technology company will emerge.
According to a regulatory filing on Tuesday, Balyasny increased its long position in Spectris on July 14 through derivative contracts, paying up to 39.80 British Pounds per share.
The transactions lift Balyasny's total interest to 1.04% of the company.
The price is notably higher than a conditional cash proposal from private equity firm Advent International, which offered 37.63 British Pounds per share in June.
Spectris's board had previously indicated it was receptive to Advent's approach.
The board stated the proposal "is at a value that the Board would be minded to recommend unanimously to Spectris shareholders," should a firm offer be made on those terms.
The takeover battle for the maker of high-tech instruments and testing equipment has also drawn interest from another private equity firm, KKR, which had been reviewing due diligence information after Spectris rejected an earlier proposal.
In a separate announcement, Spectris confirmed it had approximately 99.32 million total voting rights as of Tuesday.
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Spectris on Friday issued a routine statement confirming its share capital, a procedural step as the British technology firm's 4.15 billion British Pound takeover by private equity firm KKR moves toward completion.
Spectris on Thursday issued a routine statement confirming its share capital, a procedural step as the British technology firm's 4.15 billion British Pound takeover by private equity firm KKR moves toward completion.
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