KKR Fans Bidding War For Spectris With £4.2 Billion Offer (2)

KKR & Co. raised its offer for British precision testing company Spectris Plc to £4.2 billion ($5.6 billion) in an ongoing bidding war with rival private equity firm Advent.

The offer is equivalent to £41.75 per share including £41.47 in cash and a 28 pence-per-share dividend, KKR said in a statement on Tuesday. Including debt, it values the company at £4.8 billion.

That’s a 1.8% premium to Advent’s £41 per share offer on Aug. 1 and more than double the company’s share price on June 6, the last trading day before Bloomberg News reported Advent was weighing an offer.

Spectris, ...