爆料!美国KKR报价48亿英镑强势收购英国思百吉Spectris(马尔文和仕富梅母公司)

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Spectris agrees £4.8bn takeover offer as KKR outbids private equity rival

击败私募股权对手,思百吉同意KKR出价48亿英镑的收购要约

Private equity giant KKR has trumped rival Advent's takeover bid for British scientific instruments maker Spectris with an improved offer.
美国私募股权巨头KKR以更高的出价击败了竞争对手Advent对英国科学仪器制造商思百吉的收购请求。
The two US firms have been battling for control of the FTSE 250 firm since it agreed to an initial £37.63 per Spectris share bid from Advent in June.
这两家美国公司自6月起就争夺FTSE 250公司的控制权，当时思百吉同意了Advent每股37.63英镑的初步出价。
Spectris withdrew its support for an Advent bid valuing its shares at £41 each on Tuesday, and backed a sweetened KKR offer of £41.75 per share instead.

思百吉在周二撤回了对Advent每股41英镑报价的支持，而支持了KKR每股41.75英镑的更高报价。

The offer values Spectris' equity at £4.2billion, with an enterprise value of £4.8billion.

该报价使思百吉的股权估值达到42亿英镑，企业价值为48亿英镑

New York buyout group KKR was dubbed the 'barbarians at the gate' for its fearsome reputation following a 1989 takeover of RJR Nabisco, which was turned into a book and film.

纽约买断集团KKR因其在1989年收购RJR Nabisco后的可怕声誉而被称为“城门上的野蛮人”，该事件后来被改编成了书籍和电影。

It marks another major blow to Britain's public markets, which are on course for the biggest year of takeovers since 2021 after £74billion of offers in the first half, according to Peel Hunt.

根据Peel Hunt的数据，这标志着英国公共市场的又一次重大打击，预计今年将是自2021年以来最大的一年收购，前半年的收购报价达到740亿英镑。

从6月份竞购开始,思百吉(SXS: LSE)股价暴涨

     消息公布后，思百吉欧股在早盘交易中上涨1.7%。这笔交易使得思百吉股权价值达到42亿英镑，包括债务在内的企业总价值为48亿英镑（约合64亿美元）

曾经巅峰时期的Spectris思百吉集团旗下8大品牌（形象一个八爪鱼）

    竞购战始于6月份Advent的初始报价，当时思百吉股价较2021年峰值已下跌约一半，而KKR的最新报价较Advent此前的竞购价格每股高出0.75英镑，显示出私募股权公司对优质英国资产的强烈兴趣。

思百吉现在的官网(只剩四个品牌)

事件回顾

On 23 June 2025, the boards of MI Metron UK Bidco Ltd ("Bidco") and Spectris, announced that they had reached agreement on the terms of a recommended cash acquisition by Bidco of the entire issued and to be issued share capital of Spectris (the "Acquisition") for an offer value of £37.63 per Spectris share, comprising £37.35 in cash and an interim dividend of 28 pence per Spectris share (the "Advent Offer"), to be implemented by way of a court-sanctioned scheme of arrangement under Part 26 of the Companies Act (the "Advent Announcement").

在2025年6月23日，MI Metron UK Bidco Ltd（"Bidco"）和思百吉的董事会宣布，他们已就Bidco以每股37.63英镑的报价现金收购Spectris整个已发行及将要发行的股本（"收购"）的条款达成一致，其中包括37.35英镑现金和每股28便士的中期股息（"Advent报价"），将通过公司法第26部分的法院批准安排方案实施（"Advent公告"）。

On 2 July 2025, the boards of Spectris and Project Aurora Bidco Limited, a special purpose vehicle indirectly wholly-owned by funds advised by Kohlberg Kravis Roberts & Co. L.P. and its affiliates ("KKR Bidco"), announced that they had reached agreement on the terms of a recommended cash offer by KKR Bidco for the entire issued and to be issued share capital of Spectris for an offer value of £40.00 per Spectris share, comprising £39.72 in cash and an interim dividend of 28 pence per Spectris share (the "KKR Offer"). The Spectris board also unanimously withdrew its intention to recommend the proposed Advent Offer.

在2025年7月2日，思百吉和Project Aurora Bidco Limited的董事会宣布，他们已就KKR Bidco提出的现金收购建议达成协议。KKR Bidco是由Kohlberg Kravis Roberts & Co. L.P.及其附属公司间接全资拥有的特别目的公司，建议的收购价格为每股Spectris 40.00英镑，其中包括39.72英镑现金和每股28便士的中期股息（“KKR收购”）。思百吉董事会还一致撤回了对提议的Advent收购的推荐意图。

On 29 July 2025, the Company announced that a circular in relation to the scheme of arrangement to implement the KKR Offer (the "Scheme Document") had been published, setting out, amongst other things, a letter from the Chair of Spectris, an explanatory statement pursuant to section 897 of the Companies Act, the full terms and conditions of the scheme, an expected timetable of principal events, notices of the Court Meeting and the General Meeting (together the "Shareholder Meetings") and details of the actions to be taken by Spectris shareholders.

在2025年7月29日，公司宣布与实施KKR要约相关的安排方案的通函（“方案文件”）已发布，其中包括来自思百吉主席的信函、根据公司法第897条的说明性声明、该方案的完整条款和条件、主要事件的预期时间表、法庭会议和股东大会的通知（统称为“股东会议”）以及思百吉股东需采取的行动的详细信息。

On 1 August 2025, the boards of Spectris and Bidco announced that they had reached agreement on the terms of a recommended cash offer by Bidco for the entire issued and to be issued share capital of Spectris for an offer value of £41.00 per Spectris share, comprising £40.72 in cash and an interim dividend of 28 pence per Spectris share (the "Increased Advent Offer"). The Spectris board also unanimously withdrew its recommendation of the proposed KKR Offer.

2025年8月1日，思百吉和Bidco的董事会宣布，他们已就Bidco对思百吉全部已发行和将发行的股份资本的推荐现金报价达成协议，报价价值为每股思百吉 41.00英镑，其中包括现金40.72英镑和每股思百吉28便士的中期股息（“增加的Advent报价”）。Spectris董事会还一致撤回了对提议的KKR报价的推荐。

On 5 August 2025, the boards of Spectris and KKR Bidco announced that they had reached agreement on the terms of a recommended cash offer by KKR Bidco for the entire issued and to be issued share capital of Spectris for an offer value of £41.75 per Spectris share, comprising £41.47 in cash and an interim dividend of 28 pence per Spectris share (the "Increased KKR Offer"). The Spectris board also unanimously withdrew its intention to recommend the proposed Increased Advent Offer.

在2025年8月5日，思百吉和KKR Bidco的董事会宣布，他们已达成协议，KKR Bidco将以每股41.75英镑的价格收购思百吉全部已发行和将要发行的股本，该报价包括41.47英镑现金和每股28便士的临时股息（“增加的KKR报价”）。思百吉董事会还一致撤回了推荐提议的增加的Advent报价的意图。

Bidco has confirmed to Spectris that its offer value of £41.00 per Spectris share, comprising £40.72 in cash and an interim dividend of 28 pence per Spectris share, is final and will not be increased ("the Final Advent Offer"). Bidco has confirmed to Spectris that it no longer wishes to proceed with the Final Advent Offer.

Bidco已向思百吉确认，其每股思百吉的报价价值为41.00英镑，其中包括40.72英镑现金和每股28便士的临时股息，该报价是最终的，不会增加（"最终Advent报价"）。Bidco已向思百吉确认，已不再希望继续进行Advent的最终报价。

The Spectris board has therefore determined not to proceed with the scheme of arrangement required to implement the Final Advent Offer or to convene any Spectris shareholder meeting for the purposes of considering the Final Advent Offer. Accordingly, the Spectris board has provided its consent to the Panel on Takeovers and Mergers (the "Panel") to release Bidco from its obligation under Rule 2.7(b) and Rule 24.1 of the City Code on Takeovers and Mergers (the "Code") to proceed with the Increased Advent Offer and Bidco has confirmed that it will not proceed with the Final Advent Offer.

因此，思百吉董事会决定不采取实施最终 Advent 报价所需的安排计划，也不召开任何思百吉股东大会以考虑最终 Advent 报价。因此，思百吉董事会已向收购和合并委员会（“委员会”）提供了同意，解除 Bidco 根据收购和合并城市规范（“规范”）第 2.7(b) 条和第 24.1 条的义务，以继续增加的 Advent 报价，Bidco 已确认将不会继续进行最终 Advent 报价。

As a result, the Panel has confirmed to Spectris and Bidco that:

(i) Bidco is released from its obligation under Rule 2.7(b) and Rule 24.1 of the Code to proceed with the Final Advent Offer;

(ii) Bidco is subject to the restrictions set out in Rule 35.1 of the Code and is prohibited from, amongst other things, making any offer for Spectris without the consent of the Panel for a period of 12 months.

The Shareholder Meetings relating to the Increased KKR Offer will take place, as planned, on 27 August 2025. Details of the actions to be taken by Spectris shareholders in respect of the Increased KKR Offer are set out in the Scheme Document.

This announcement has been made with the consent of Bidco.

因此，委员会已向思百吉和Bidco确认：

(i) Bidco在《守则》第2.7(b)条和第24.1条下免于继续进行最终的冒险提议；  

(ii) Bidco受《守则》第35.1条所规定的限制，并在12个月内禁止在未获委员会同意的情况下对思百吉作出任何提议。与增加的KKR提议相关的股东会议将按计划于2025年8月27日举行。关于思百吉股东在增加的KKR提议中应采取的行动的详细信息已在计划文件中列出。

此公告已获得Bidco的同意。

(摘自伦敦证券交易所相关公告)