By Elena Vardon
Spectris said that private-equity firm Advent International has informed the company it won't go forward with its takeover offer after being outbid by KKR.
The U.K. precision-measurement company agreed to the terms of an improved cash offer from KKR valuing the target at 4.2 billion pound ($5.65 billion)--or 41.75 pounds a share--last week. On Tuesday, it withdrew its intention to recommend Advent's slightly lower offer in the latest twist in a protracted bidding war.
The group on Friday said that Advent confirmed that its latest offer valuing each Spectris share at 41 pounds was final and wouldn't be increased. Advent informed the company that it no longer wishes to proceed with a deal.
Spectris's board acknowledged this and said it released the suitor from its obligations under the U.K. takeover code.
Spectris shareholders are set to vote on KKR's improved offer on Aug. 27.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
August 11, 2025 01:40 ET (05:40 GMT)
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