Oxford Instruments PLC (AIM:OXIG)’ shares soared this afternoon following a cash and shares takeover proposal from Spectris PLC (LSE:SXS).
Shares in the technology products and services company were up 33.42% to 2,659p as of 12:47 GMT on news of the £1.79bn proposal.
The 3,100p per share offer would consist of 1,950p in cash and 1,150p in Spectris shares, marking a sizeable premium on yesterday’s closing price of 2,015p.
“Having considered the terms of the Proposal together with its advisers, the Board of Oxford Instruments has indicated to Spectris that the Proposal is at a price level that it would be minded to recommend to Oxford Instruments shareholders, subject to the agreement of customary terms and conditions,” the company said in a statement.
Oxford Instruments said the proposal followed previous offers from Spectris, the first of which was delivered on 11 February.
The offer helped arrest a decline over 2022 which saw Oxford Instruments' share value drop by more than a quarter since the turn of the year.
Spectris’ share price conversely fell on the news of the takeover bid, falling 8,85% by 12:50 GMT to 2,811p.