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Offer: Spirent said it will recommend a 201.5p per share deal, worth £1.2 billion, from California-based Keysight Technologies
A bidding war has broken out for telecommunications company Spirent, as UK plc continues to be targeted by foreign predators.
The FTSE 250 company has said it will recommend a 201.5p per share deal, worth £1.2 billion, from California-based Keysight Technologies, just weeks after it agreed to be sold by another US company Viavi to be acquired for £1 billion.
Spirent bosses said the latest move was a “superior proposition” for shareholders, boosting shares by 11.7 percent, or 21 cents, to 200 cents.
Spirent Chairman Bill Thomas said Spirent’s offer “provides our shareholders with even greater cash value for their shares at an attractive premium, while protecting the fundamental nature of Spirent for all stakeholders.”
But the takeover adds to the growing list of British companies that have been targeted by foreign buyers in recent months. This includes companies such as Wincanton, Currys, All3media and Direct Line.
Interest in UK plc has surged since Covid as bidders take advantage of low price tags and the weak pound in a wave of ‘pandemic looting’.
This has stuck in the post-Covid world, as opportunistic investors flock to London’s low prices.
That has fueled concerns that British companies are being snapped up cheaply. But there are signs that the tide could be turning.
Insurance company Direct Line has rejected two bids from Belgian rival Ageas so far this year. And the American listed Currys rejected an approach by the American private equity giant Elliott Advisors.
Russ Mold, an analyst at AJ Bell, noted: “Boards back themselves.”
Spirent, which tests, measures and analyzes telecoms equipment, has suffered from an era of high inflation, with revenues falling by about a fifth in 2023 from the previous year.
Its head office is in Crawley, West Sussex, and employs approximately 1,500 people.
Keysight, which makes electronic test and measurement equipment and software such as network analyzers and oscilloscopes, said Spirent was a “strong fit” for its business.
The offer is a 15 percent premium over the Viavi offer. Viavi could not be reached for comment.