Spectris Rejects KKR Takeover Approach

By Ian Walker

Spectris said it received a takeover approach from Kohlberg Kravis Roberts & Co., which it rejected.

The FTSE 250-listed precision-measurement company said late Friday that it received the approach on June 5 following an earlier proposal from KKR. It didn't provide any information on the terms of the proposal made but said KKR requested due diligence information which it is reviewing.

Last Monday Spectris said it received a 3.93 billion pound ($5.33 billion) takeover proposal from Advent International that it would be prepared to recommend to shareholders if a formal offer was made.

Advent is offering 37.35 pounds in cash for each share held. In addition, shareholders will get to keep a proposed interim dividend of 28 pence a Spectris share.

KKR has until July 11 to make a formal proposal to buy Spectris or walk away under U.K. Takeover Panel rules. Advent has a deadline of July 7.

Spectris shares closed Friday at 31.58 pounds implying a market capitalization of 3.13 billion pounds. Shares are up 26% over the year to date.

Write to Ian Walker at ian.walker@wsj.com