Advent International is closing in on a £4.4bn acquisition for industrial group Spectris.

Spectris, a member of the mid-cap FTSE 250, provides high-tech instruments to companies in industries including pharmaceuticals and semiconductors.

It reported sales of £299m in Q1, a decline from the same period last year amid weakness in markets including automotive, chips and materials.

Under UK takeover regulations, Advent has until 7 July to make a firm offer or walk away.

Shares in Spectris surged 69% on Monday to trade at more than £34 a share. The company reached a record high of £38.7 a share in 2021.

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