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Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.<\/span><\/p>\n<\/iframe><\/div>\n<div id=\"article-body\">\n<p>Private equity group Advent International has agreed to buy industrial company Spectris in a \u00a34.4bn deal, marking one of the biggest recent takeovers of a London-listed business.<\/p>\n<p>Under the deal announced on Monday, shareholders in the precision measurement instruments maker will receive \u00a337.63 per share in cash, including an interim dividend of 28p, which Spectris said its board was unanimously recommending as \u201cfair and reasonable\u201d.<\/p>\n<p>The offer represents a premium of almost 85 per cent to the company\u2019s share price on June 6, before Advent\u2019s interest first emerged, and heralds the latest delisting of a UK-listed company, as buyers have taken advantage of <a href=\"https:\/\/www.ft.com\/content\/29fcb26f-abd1-47eb-8566-8009df9bd37f\" data-trackable=\"link\">relatively cheap valuations<\/a>. <\/p>\n<p>Spectris, a member of the mid-cap FTSE 250, provides high-tech instruments to companies in industries including pharmaceuticals and semiconductors. It <a href=\"https:\/\/www.ft.com\/content\/44a2aa92-521f-4684-a0f7-6ca1ecb97b66\" data-trackable=\"link\">reported sales<\/a> of \u00a3299mn in the first quarter, a decline from the same period last year amid weakness in markets including automotive, chips and materials.<\/p>\n<p><a href=\"https:\/\/www.ft.com\/stream\/8b146fb8-f6d6-4f29-9406-296632aaf6dc\" data-trackable=\"link\">Advent<\/a>\u2019s offer values the group\u2019s equity at about \u00a33.8bn and gives it an enterprise value of \u00a34.4bn, including debt. Shares in the group surged 15 per cent in morning trading on Monday. Shonnel Malani, managing partner at Advent, said the deal demonstrated \u201cAdvent\u2019s vote of confidence in British engineering and innovation\u201d. <\/p>\n<p>The deal follows other recent take-private deals for UK companies including DoorDash\u2019s \u00a32.9bn swoop for Deliveroo, EQT\u2019s acquisition of Keywords Studios and Thoma Bravo\u2019s takeover of Darktrace. <\/p>\n<p>The flurry of takeovers comes as the UK is battling a steady stream of large public companies <a href=\"https:\/\/www.ft.com\/content\/aef053ce-c94d-4a72-8dce-bdbf56dd67e1\" data-trackable=\"link\">shifting their primary listings from London<\/a> to New York, and a sluggish market for initial public offerings. <\/p>\n<p>Spectris said earlier this month <a href=\"https:\/\/www.spectris.com\/newsroom\/possible-offers-for-spectris-plc\/\" data-trackable=\"link\">it had rejected<\/a> a \u201cpreliminary proposal\u201d from private equity group KKR in favour of continuing discussions with Advent.<\/p>\n<p>On Monday KKR said it had been \u201cengaging constructively\u201d with Spectris, adding that while it had not made a new offer, it was in advanced stages of due diligence, and may still do so. <\/p>\n<p>The private equity group was also outdone by Primary Health Properties on Monday in a bidding war to acquire NHS landlord Assura. The London-listed real estate group said it was now recommending a sweetened offer from PHP valuing it at about \u00a31.79bn, having previously recommended a \u201cbest and final\u201d deal from KKR and US infrastructure investor Stonepeak.<\/p>\n<p>The KKR-led consortium <a href=\"https:\/\/www.ft.com\/content\/9fa6a6f0-4b17-44e1-9560-b600d648f138\" data-trackable=\"link\">agreed a \u00a31.7bn deal<\/a> for the property business earlier in June, only for the plan to be hit by opposition from some of the FTSE 250 group\u2019s biggest shareholders, some of which expressed their concern about the landlord being taken off London\u2019s stock exchange at a low price. <\/p>\n<\/div>\n\n<br \/><a href=\"https:\/\/www.ft.com\/content\/1fa72a9a-e229-4f18-8de3-c34b1abefd2f\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Unlock the Editor\u2019s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this…\n","protected":false},"author":5,"featured_media":31595,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":["post-31594","post","type-post","status-publish","format-standard","has-post-thumbnail","category-us","cs-entry","cs-video-wrap"],"_links":{"self":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts\/31594","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=31594"}],"version-history":[{"count":0,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts\/31594\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/media\/31595"}],"wp:attachment":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=31594"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=31594"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=31594"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
<\/iframe><\/div>\n<div id=\"article-body\">\n<p>Private equity group Advent International has agreed to buy industrial company Spectris in a \u00a34.4bn deal, marking one of the biggest recent takeovers of a London-listed business.<\/p>\n<p>Under the deal announced on Monday, shareholders in the precision measurement instruments maker will receive \u00a337.63 per share in cash, including an interim dividend of 28p, which Spectris said its board was unanimously recommending as \u201cfair and reasonable\u201d.<\/p>\n<p>The offer represents a premium of almost 85 per cent to the company\u2019s share price on June 6, before Advent\u2019s interest first emerged, and heralds the latest delisting of a UK-listed company, as buyers have taken advantage of <a href=\"https:\/\/www.ft.com\/content\/29fcb26f-abd1-47eb-8566-8009df9bd37f\" data-trackable=\"link\">relatively cheap valuations<\/a>. <\/p>\n<p>Spectris, a member of the mid-cap FTSE 250, provides high-tech instruments to companies in industries including pharmaceuticals and semiconductors. It <a href=\"https:\/\/www.ft.com\/content\/44a2aa92-521f-4684-a0f7-6ca1ecb97b66\" data-trackable=\"link\">reported sales<\/a> of \u00a3299mn in the first quarter, a decline from the same period last year amid weakness in markets including automotive, chips and materials.<\/p>\n<p><a href=\"https:\/\/www.ft.com\/stream\/8b146fb8-f6d6-4f29-9406-296632aaf6dc\" data-trackable=\"link\">Advent<\/a>\u2019s offer values the group\u2019s equity at about \u00a33.8bn and gives it an enterprise value of \u00a34.4bn, including debt. Shares in the group surged 15 per cent in morning trading on Monday. Shonnel Malani, managing partner at Advent, said the deal demonstrated \u201cAdvent\u2019s vote of confidence in British engineering and innovation\u201d. <\/p>\n<p>The deal follows other recent take-private deals for UK companies including DoorDash\u2019s \u00a32.9bn swoop for Deliveroo, EQT\u2019s acquisition of Keywords Studios and Thoma Bravo\u2019s takeover of Darktrace. <\/p>\n<p>The flurry of takeovers comes as the UK is battling a steady stream of large public companies <a href=\"https:\/\/www.ft.com\/content\/aef053ce-c94d-4a72-8dce-bdbf56dd67e1\" data-trackable=\"link\">shifting their primary listings from London<\/a> to New York, and a sluggish market for initial public offerings. <\/p>\n<p>Spectris said earlier this month <a href=\"https:\/\/www.spectris.com\/newsroom\/possible-offers-for-spectris-plc\/\" data-trackable=\"link\">it had rejected<\/a> a \u201cpreliminary proposal\u201d from private equity group KKR in favour of continuing discussions with Advent.<\/p>\n<p>On Monday KKR said it had been \u201cengaging constructively\u201d with Spectris, adding that while it had not made a new offer, it was in advanced stages of due diligence, and may still do so. <\/p>\n<p>The private equity group was also outdone by Primary Health Properties on Monday in a bidding war to acquire NHS landlord Assura. The London-listed real estate group said it was now recommending a sweetened offer from PHP valuing it at about \u00a31.79bn, having previously recommended a \u201cbest and final\u201d deal from KKR and US infrastructure investor Stonepeak.<\/p>\n<p>The KKR-led consortium <a href=\"https:\/\/www.ft.com\/content\/9fa6a6f0-4b17-44e1-9560-b600d648f138\" data-trackable=\"link\">agreed a \u00a31.7bn deal<\/a> for the property business earlier in June, only for the plan to be hit by opposition from some of the FTSE 250 group\u2019s biggest shareholders, some of which expressed their concern about the landlord being taken off London\u2019s stock exchange at a low price. <\/p>\n<\/div>\n\n<br \/><a href=\"https:\/\/www.ft.com\/content\/1fa72a9a-e229-4f18-8de3-c34b1abefd2f\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Unlock the Editor\u2019s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this…\n","protected":false},"author":5,"featured_media":31595,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":["post-31594","post","type-post","status-publish","format-standard","has-post-thumbnail","category-us","cs-entry","cs-video-wrap"],"_links":{"self":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts\/31594","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=31594"}],"version-history":[{"count":0,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts\/31594\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/media\/31595"}],"wp:attachment":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=31594"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=31594"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=31594"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}