28th Feb 2022 13:01
(Alliance News) - Oxford Instruments PLC on Monday confirmed it has received a new takeover offer proposal from Spectris PLC worth about GBP1.8 billion.
FTSE 250-listed Oxford Instruments, which makes scientific tools for research and industry, said the final offer on Friday followed a "series of earlier proposals" from fellow London midcap firm Spectris.
Shares in Oxford Instruments were 33% higher in London on Monday at 2,680.00 pence each, giving a market capitalisation of GBP1.54 billion. Spectris was down 9.5% at 2,777.00p. It has a market cap of GBP3.09 billion.
The new deal, Oxford Instruments said, values the company at GBP31.00 per share. Shareholders will get GBP19.50 in cash plus GBP11.50 in new Spectris shares for each Oxford Instruments share.
Oxford Instruments said it is "minded" to recommend the offer to its shareholders.
"Discussions between the parties remain ongoing. A further announcement will be made as and when appropriate," the company added.
Spectris has until March 28 to make a firm offer or walk away from the deal. The company is a supplier of precision instrumentation & controls.
By Paul McGowan; [email protected]
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