Keysight to launch $1.45 bln rival offer for London-listed Spirent, Sky News reports (updated)
27/03/2024 21:44
(Adds details from report throughout)
March 27 (Reuters) - U.S.-based Keysight Technologies
KEYS.N is preparing to launch a formal offer for British
telecommunications testing firm Spirent Communications SPT.L
worth roughly 200 pence a piece, Sky News reported on Wednesday.
The deal would be valued at about 1.15 billion pounds ($1.45
billion), the report added.
On March 5, U.S.-listed communications equipment firm Viavi
Solutions VIAV.O had agreed to buy Spirent for about 1.01
billion pounds. As part of the deal, Spirent shareholders would
get 175 pence per share.
The offer from Keysight represents an 84.5% premium to
Spirent's closing price of 108.40 pence on March 4, compared
with Viavi's premium of 61.4%.
Some institutional shareholders in Spirent had indicated
that they would vote in favor of Viavi's offer, but believed it
was opportunistic and left the door ajar for a rival bidder, the
Sky News report added.
Spirent Communications, Viavi Solutions and Keysight
Technologies did not immediately respond to Reuters requests for
a comment.
($1 = 0.7915 pounds)
(Reporting by Shivani Tanna and Aishwarya Jain in Bengaluru;
Editing by Vijay Kishore)
((ShivaniJayesh.Tanna@thomsonreuters.com;))