LONDON (Reuters) -British scientific instruments maker Spectris has agreed to a sweetened offer from U.S. private equity firm KKR valuing it at 4.8 billion pounds ($6.4 billion), it said on Tuesday, withdrawing its backing for a lower offer from rival suitor Advent. The London-headquartered company said it had agreed to a 41.75 pound per share deal with KKR just four days after backing a bid from Advent at 41 pound per share. Shares in Spectris gained 1.4% in early trading. The two private equity firms have been vying for control of the company for over a month after Spectris agreed to an initial offer from Advent in June. Britain's subdued valuations and relative stability have attracted overseas buyers, with a flurry of bids in recent months highlighting appetite for UK assets. Advent's initial bid came after Spectris' share price had declined by around half from a 2021 peak. The KKR offer values Spectris' equity at 4.2 billion pounds, with an enterprise value of 4.8 billion pounds including debt. The pace of takeovers of British companies has accelerated this year despite the turmoil triggered by U.S. tariffs, which weighed on global dealmaking in the months after so-called Liberation Day in early April. There has since been a rebound, with the value of transactions in the first seven months of the year reaching $2.6 trillion, the highest for the period since the 2021 pandemic-era peak, according to data from Dealogic. ($1 = 0.7528 pounds) (Reporting by Yadarisa Shabong in Bengaluru and Charlie Conchie in London; Editing by Iain Withers, Kirsten Donovan) View Comments
UK's Spectris agrees sweetened KKR offer as takeover battle heats up
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