KKR Submits Revised Offer to Acquire Spectris

British scientific instruments maker Spectris on Tuesday agreed to a revised offer from the US private equity firm Kohlberg Kravis Roberts (KKR), valuing it at $6.4 billion, and withdrew its backing for a lower offer from rival suitor Advent International.

In a regulatory disclosure with London Stock Exchange (LSE), Spectris said it had agreed to a $55.46 per share deal with KKR just four days after backing a bid from Advent at $54.47 per share comprising $54.09 in cash and an interim dividend of $0.38 per Spectris share.

“The boards of Bidco and Spectris have reached an agreement on the terms of a recommended increased cash offer pursuant to which Spectris shareholders will be entitled to receive an offer value of £55.46 per Spectris share, comprising $55.09 in cash and an interim dividend of $0.38 per Spectris share, for the entire issued and to be issued share capital of Spectris (the Increased KKR Offer). The Increased KKR Offer is proposed to be implemented by way of the Scheme, in accordance with the terms set out in the Scheme Document and in this announcement,” Spectris said in the disclosure.

Keen Contest

It may be recalled that on 2 July 2025, the boards of Spectris and Bidco, a special purpose vehicle (SPV) indirectly wholly-owned by funds advised by KKR announced that they had reached agreement on the terms of a recommended cash offer by Bidco for the entire issued and to be issued share capital of Spectris for an offer value of $53.14 per Spectris share, comprising $52.77 in cash and an interim dividend of $0.38 per Spectris share, to be effected by means of a court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006.

However, on 1 August 2025, the boards of Spectris and Advent Bidco announced that they had reached agreement on the terms of a recommended cash offer by Advent Bidco for the entire issued and to be issued share capital of Spectris for an offer value of $54.47 per Spectris share, comprising $54.09 in cash and an interim dividend of $0.38 per Spectris share.

However, on Monday, KKR submitted a revised offer to pay $1 additionally, which was higher than that of Advent International.

After receiving the revised offer from KKR, the Spectris Directors unanimously recommended that Spectris shareholders vote in favour of the increased KKR Offer. In light of their recommendation of the Increased KKR Offer, they have decided unanimously to withdraw their recommendation of the Increased Advent Offer.