Spectris calls off takeover talks with Oxford Instruments because of Ukraine
Precision measurement company Spectris plc, which just last week confirmed it was in ongoing discussions with Oxford Instruments on a potential takeover of the business, has pulled out of the negotiations citing the global economic uncertainties around the Ukraine war.
In a statement this morning, the company said: "Whilst the Board of Spectris plc continues to believe there is a compelling strategic and financial rationale for a combination of Spectris and Oxford Instruments plc, the advent of war in Ukraine, with its deplorable events, has created significant uncertainty in global economic conditions. Since there is no certainty as to when the situation will be resolved, and market conditions will improve, the Board has concluded that the proposed combination is no longer in shareholders' best interests at the current time. Therefore, discussions regarding the possible offer by Spectris for the entire issued and to be issued share capital of Oxford Instruments have been terminated."
Oxford Instruments issued the following statement:
"The Board of Oxford Instruments plc notes the announcement made by Spectris plc earlier today that it does not intend to make a firm offer for Oxford.
"The proposal was unsolicited and the Board continues to believe that Oxford has a clear and compelling strategy to achieve growth and create value for shareholders over the medium-term."