LONDON (ShareCast) - (Sharecast News) - 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 1545 GMT, Oxford Instruments shares were up 33% at 2,680p, while Spectris shares were down 8% at 2,833p.

Spectris chief executive Andrew Heath said: "A combination of Spectris and Oxford Instruments would bring together two highly complementary businesses and create a leading global player in precision measurement.

"Oxford Instruments' highly attractive, differentiated technologies are leaders in their fields and, combined with our own, will deliver a significantly enhanced value proposition for customers. The Spectris board believes that a combination of our businesses will deliver a stronger future for both companies as a UK champion in the high technology instrumentation sector, and create immediate and long-term value for shareholders."

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