Private equity firm KKR faces a Friday deadline to make a formal offer for Spectris, a move that could intensify a bidding war for the UK industrial technology company.
Under UK takeover rules, KKR must announce a firm intention to make an offer by 5 p.m. London time on July 11 or state that it will not make one.
Spectris confirmed in a June 13 filing that it had previously received and rejected a preliminary proposal from KKR.
The company said KKR is currently reviewing confidential due diligence information.
The situation is complicated by a rival suitor, Advent International, which has already made a conditional proposal valued at 37.63 British Pounds per share, according to a company announcement.
The Spectris board has indicated it is 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.
Spectris, which makes high-tech instruments and testing equipment, confirmed it remains in discussions with Advent.
On Thursday, the company disclosed it had approximately 99.3 million total voting rights.
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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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