Oxford Instruments surged on Monday after confirming it has received a possible takeover offer from Spectris at 3,100p a share.
The proposal, which was made on Friday, followed a series of earlier proposals from Spectris, the first of which was received on 11 February, the company said.
It values each Oxford Instruments share at 3,100p. Shareholders would receive 1,950p in cash plus 1,150p in new Spectris shares for each of their shares.
“Having considered the terms of the proposal together with its advisers, the board of Oxford Instruments has indicated to Spectris that the proposal is at a price level that it would be minded to recommend to Oxford Instruments shareholders, subject to the agreement of customary terms and conditions.
“Discussions between the parties remain ongoing. A further announcement will be made as and when appropriate.”
At 1215 GMT, Oxford Instruments shares were up 29% at 2,610p, while Spectris shares were down 5% at 2,927p.
