UK's Spirent ditches Viavi for Keysight's 15% higher takeover offer (updated)

Viavi Solutions

28/03/2024 07:50

(Recasts headline and first paragraph, adds details)
       March 28 (Reuters) - Spirent Communications  SPT.L  has
agreed to Keysight Technologies's  KEYS.N  offer valuing the
firm at 1.16 billion pounds ($1.46 billion), it said on
Thursday, withdrawing its support for Viavi Solutions's  VIAV.O 
bid that was 15% lower.     
    U.S.-based Keysight offered to buy the British
telecommunications testing firm for 201.5 pence per share,
compared to Viavi's 175 pence apiece bid in early March. 
    Electronic equipment maker Keysight's offer represents a
premium of 85.9% to Spirent's closing price of 108.4 pence on
March 4, higher than Viavi's 61.4% premium. 
    

($1 = 0.7922 pounds)

 (Reporting by Prerna Bedi in Bengaluru; Editing by Janane
Venkatraman
)
 ((Prerna.Bedi@thomsonreuters.com; +91 98052 24616;))