Spectris has recommended an improved acquisition offer from KKR to its shareholders, valued at an enterprise value of just above £4.8bn.

The announcement comes after the FTSE 250-listed precision instrumentation and controls supplier accepted an improved offer from Advent last week, valued at £4.8bn including debt.

This bid was higher than KKR's previous bid of £4.7bn, which was proposed last month.

KKR’s improved offer, which comprises £41.47 in cash and an interim dividend of 28 pence, is the latest offer to be recommended to shareholders, following duelling bids between the two US private equity firms.

The Spectris board said that the improved KKR offer represents "superior value" for Spectris shareholders compared to the increased Advent offer, representing an additional £76m to all Spectris shareholders.

Its directors have therefore decided unanimously to withdraw their recommendation for Advent’s offer and shareholders have been advised to take no further action in regards to this offer.

Should the deal go ahead, Spectris will become the latest firm to leave the London Stock Exchange.

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