The takeover battle for Spectris PLC is continuing after a key deadline for private-equity firm KKR to make a formal offer passed without a public announcement.
Under U.K. takeover rules, KKR had been required to announce a firm intention to make an offer for the industrial technology company by July 11 or state that it would not proceed.
Spectris had previously confirmed on June 13 that it had received and rejected an earlier preliminary proposal from KKR.
The situation is complicated by a rival suitor, Advent International, which made a conditional proposal of 37.63 British Pounds per share.
The Spectris board said in a June 9 statement that Advent's proposal "is at a value that the Board would be minded to recommend unanimously to Spectris shareholders" if a firm offer were made on those terms.
According to company filings, Spectris remains in discussions with Advent, which had an original deadline of July 7.
Spectris, which manufactures precision measurement instruments, confirmed in a regulatory filing on Monday that it had approximately 99.3 million total voting rights.
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