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Oxford Instruments jumps on possible $2.4 billion takeover offer by Spectris

Published 28/02/2022, 16:04
Updated 28/02/2022, 16:06
© Reuters.

(Reuters) - British electrical engineering firm Spectris (LON:SXS) is in talks to buy Oxford Instruments (LON:OXIG) in a cash-and-stock deal valuing the technology firm at 1.79 billion pounds ($2.40 billion), the companies said on Monday.

Shares in Oxford Instruments jumped nearly 30% to about 26.2 pounds, but were still below the potential offer price of 31 pounds a share.

The board plans to back Spectris' potential offer, which is 19.5 pounds in cash plus 11.50 pounds in new shares, Oxford Instruments said.

Spectris, whose shares fell 11%, said the combination of the two companies would create a leading global player in precision measurement and help the group strengthen its position in end-markets including semiconductors and advanced materials.

($1 = 0.7450 pounds)

Latest comments

You wait for 4 and half hours to highlight this news.  Where were your reporters, asleep I guess
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