Advent agrees to acquire the UK company Spectris for 3.8 billion.

A consortium led by private equity firm Advent has reached an agreement to acquire UK precision testing equipment and software manufacturer Spectris Plc for approximately 3.8 billion pounds. According to a statement on Monday, Advent has offered 37.63 pounds per share in cash, including a proposed interim dividend of 0.28 pounds per share. This offer is in line with the preliminary proposal announced by Advent earlier this month, representing a premium of 85% over Spectris' closing price on June 6. The statement reveals that the Canada Pension Plan Investment Board and Singapore sovereign wealth fund GIC Private Limited are also part of the bidding group. Spectris directors have stated that they believe the offer is "fair and reasonable" and plan to unanimously recommend it to shareholders. Competitor KKR & Co. stated in another announcement on Monday that they are actively progressing with advanced due diligence on Spectris and arranging financing commitments for a potential transaction, but have not submitted a new proposal. Earlier this month, Spectris had rejected KKR's preliminary acquisition proposal, and the potential bid amount from KKR has not been disclosed publicly.