Shareholders of Spectris on Wednesday approved a takeover by private equity firm Kohlberg Kravis Roberts & Co. for approximately 4.15 billion British Pounds, bringing a close to a competitive bidding war for the industrial technology company.
Under the terms of the deal, investors will receive 41.75 British Pounds for each share they hold, an amount comprising 41.47 British Pounds in cash and a 28 pence per share dividend.
At court and general meetings held Wednesday, the acquisition plan was backed by an overwhelming majority, with 99.93% of votes cast in favor of the resolutions, the company said in a regulatory filing.
The vote marks the culmination of a contest with rival private equity firm Advent International.
The Spectris board had initially recommended an offer from Advent, before switching its allegiance to KKR and then back to Advent as bids were increased.
KKR's final offer in early August ultimately won the board's unanimous recommendation, leading Advent to withdraw from the process.
The acquisition is being implemented through a court-sanctioned process and remains subject to a final court hearing and other conditions, which the company expects to be completed in or before the first quarter of 2026.
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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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