Spectris PLC (LSE:SXS) shares shot 15% higher to 3,778p after it accepted a take-private offer from Advent International, and rival US private equity firm Kohlberg Kravis Roberts said it was also in talks with the engineer.
Advent said its 3,763p offer has been accepted by the board of the FTSE 250 company, with shareholders also getting the 2024 dividend of 56.6p announced in February and to be paid this Friday.
Shortly after, KKR put out a separate statement, pointing out that it also made a proposed offer on 2 June and has since been "engaging constructively" with the Spectris board.
KKR says it has not made a revised proposal but "confirms that it is actively engaged in the advanced stages of due diligence and arranging financing commitments" and "strongly encourages shareholders to take no action with regards to the Advent offer".
Analysts at AJ Bell said: "KKR needs to get its skates on if it is serious about wanting to buy Spectris."
On the same day, KKR also had its separate bid rejected for another FTSE 250 group, Assura.
"KKR won’t want to lose a second takeover battle in the same day," the analysts said, noting that Advent's deal is at a "chunky premium" to the market value before bid interest was revealed earlier this month.
Spectris’ board has recommended shareholders accept the all-cash offer from Advent but KKR "will need to make a formal offer fast if it stands a chance of derailing the Advent bid".