Slaughter and May is advising Spectris plc (“Spectris”) on a recommended cash acquisition by Project Aurora Bidco Limited (“Bidco”), a special purpose vehicle indirectly wholly-owned by funds advised by Kohlberg Kravis Roberts & Co. L.P. and its affiliates (“KKR”), of the entire issued and to be issued share capital of Spectris, to be effected by means of a court-sanctioned scheme of arrangement.
This takeover offer is a competing offer and follows the recommended offer for Spectris announced on 23 June 2025 by MI Metron UK Bidco Ltd, an indirect subsidiary of funds managed and/or advised by Advent International, L.P. (“Advent”) (the “Advent Offer”). Slaughter and May is also acting for Spectris in relation to that takeover offer. As a result of the KKR competing offer, the Board of Spectris has withdrawn its recommendation of the Advent Offer and is recommending the KKR offer.
Under the terms of the KKR offer, Spectris shareholders will be entitled to receive £40.00 for each Spectris share (comprising £39.72 in cash from Bidco and an interim dividend of 28 pence to be paid (subject to approval by the Spectris Directors) by Spectris in the ordinary course of its FY25 dividend calendar).
The offer represents an increase of £2.37 to the Advent Offer of £37.63 per Spectris share and values the entire issued and to be issued share capital of Spectris at approximately £4.1 billion and implies an enterprise value of approximately £4.7 billion. The transaction is expected to complete in or by Q1 2026.
Martha Savage / Trainee, Hamish Phillips / Trainee, Louise Cripps / Trainee, Anna Brainin / Trainee