Spectris PLC (LSE:SXS) directors have agreed to a £3.8 billion take-private bid from private equity group Advent, firming up a conditional proposal made two weeks ago.
The cash offer has been made at 3,763p per share, which compares to the last closing price before the bid of 2,038p.
This will be made up of 3,735p per share in cash from Advent, and an interim dividend of 28p to be paid by Spectris at some point in its ordinary dividend calendar.
Advent has also agreed that Spectris shareholders will be able to receive the final 2024 dividend without any reduction to the above consideration.
Spectris chairman Mark Williamson said: "The board remains confident in Spectris' strategy and the opportunities that will be delivered over the medium term, but believes that Advent's offer recognises the attractiveness of Spectris and represents strong and immediate cash value for shareholders at an attractive premium of 84.6 % to the undisturbed share price.
Chief executive Andrew Heath added that the offer "recognises the quality of Spectris, our talented people, and our strong growth prospects. In light of a strong set of intentions set out today, the board have confidence that Advent is committed to supporting Spectris with investment that will drive growth and accelerate delivery of our strategic objectives."