(Il Sole 24 Ore Radiocor) - Milano, 23 giu - MI Metron UK Bidco, an indirect subsidiary of Advent International, and Spectris said they agreed on the terms of an offer that values the UK precision instrumentation and controls company at some 3.8 billion pounds, implying an enterprise value of 4.4 billion.

Under the terms of the acquisition, each Spectris shareholder will be entitled to receive 37.63 pounds in cash for each share held comprising 37.35 pounds from Bidco and an interim dividend of 28 pence to be paid by Spectris in the ordinary course of its FY25 dividend calendar.

Under the terms of the acquisition, Bidco has also agreed that each Spectris shareholder will be entitled to receive the FY24 final dividend without any consequential reduction to the cash consideration payable in respect of each Spectris share.

The offer represents a premium of approximately 84.6% to the closing price of Spectris shares on June 6, being the last business day prior to the start of the offer and a 74.6% premium to the volume-weighted average price in the three months to June 6.

The valuation represents a multiple of 18.5 times Spectris' adjusted EBITDA, and 21.8 its adjusted EBIT, for the year ended December 31, 2024.

The Spectris directors, who have been so advised by Goldman Sachs, Rothschild & Co, and BofA Securities on the financial terms of the acquisition, consider the terms of the transaction to be fair and reasonable and intend to unanimously recommend that Spectris shareholders vote in favour of the scheme at the court meeting and the resolutions to be proposed at the general meeting.

The Spectris directors who hold Spectris shares have irrevocably undertaken to tender their shares representing approximately 0.22% of the issued share capital of Spectris.

as at the last practicable date.

(RADIOCOR) 23-06-25 11:23:36 (0238) 5 NNNN