Advent Ups Spectris Offer to £4.2 Billion in KKR Bidding War (1)

Adventhas raised its offer for Spectris Plc, bidding about £4.2 billion ($5.6 billion) for the British precision testing company, in an intensifying bidding war with KKR & Co.

The offer is the equivalent of £41 per share, including £40.72 in cash and a 28-pence-per-share dividend payment, Advent said in a statement on Friday. It’s 2.5% above the latest KKR bid and a 101% premium to Spectris’ share price on June 6, the last trading day before Bloomberg News reported Advent was weighing an offer.

The private equity firms are tussling for control of the company, which has tried ...