Davidson Kempner Capital Management LP Discloses 1.4% Stake in Spectris PLC

Davidson Kempner Capital Management LP has disclosed a 1.4% stake in Spectris PLC, with 1,386,550 shares held. The disclosure is made under Rule 8.3 of the Takeover Code, and the position was held as of 23/06/2025. The firm has not disclosed any open stock-settled derivative positions or agreements to purchase/sell relevant securities.

Davidson Kempner Capital Management LP has disclosed a 1.4% stake in Spectris PLC, holding 1,386,550 shares as of June 23, 2025. The disclosure was made under Rule 8.3 of the Takeover Code, with no open stock-settled derivative positions or agreements to purchase/sell relevant securities reported [1].

Spectris PLC, a precision measurement, instrumentation, and testing company, has been the subject of significant interest in the financial markets. On the same day, Spectris announced a recommended cash acquisition by MI Metron UK Bidco Ltd, an indirect subsidiary of Advent International, L.P. The acquisition will value the entire issued and to be issued share capital of Spectris at approximately £3.8 billion, with an enterprise value of approximately £4.4 billion [1].

The acquisition terms offer an attractive premium of approximately 84.6% to the Closing Price of £20.38 per Spectris Share on June 6, 2025, and 82.9% to the volume-weighted average price in the one month to June 6, 2025 of £20.58 [1]. The deal represents a multiple of 18.5x Spectris' Adjusted EBITDA and 21.8x Adjusted EBIT for the year ended December 31, 2024 [1].

Spectris' directors, advised by Goldman Sachs, Rothschild & Co, and BofA Securities, consider the acquisition terms to be fair and reasonable. The directors intend to recommend that shareholders vote in favor of the Scheme at the Court Meeting and the Resolutions to be proposed at the General Meeting [1].

Advent International, with a long history of investing in high technology businesses, is known for its responsible stewardship and focus on driving growth. Advent's recent investments, such as Ultra Electronics, demonstrate its ability to support and enhance portfolio companies [1].

Davidson Kempner Capital Management LP's stake in Spectris PLC adds another layer of interest to the acquisition, as the firm is known for its strategic investments in the financial services sector. The disclosure of its stake suggests a positive outlook on Spectris' future prospects under the new ownership structure.

References:
[1] https://www.investegate.co.uk/announcement/rns/spectris--sxs/recommended-cash-acquisition-of-spectris-plc-/8941442