Spectris plc (LON:SXS), the precision measurement specialist and FTSE 250 constituent, continues to trade tightly around its pending takeover price as the market absorbs a fresh wave of disclosure notices and takeover‑related updates.
Spectris share price today: 20 November 2025 snapshot
As of Thursday 20 November 2025, Spectris PLC’s share price is trading at 4,108.0p (approximately £41.08) on the London Stock Exchange. That puts the stock up 2p (+0.05%) on the day, after opening at 4,128.0p and moving within a tight intraday range of 4,108.0p–4,128.0p. Around 236,000 shares have already changed hands, equivalent to roughly £9.5 million of stock turning over in the market. London South East
Key price and valuation metrics today:
- Current share price: 4,108p
- Day change: +2p (+0.05%) London South East
- Day range: 4,108p–4,128p London South East
- Previous close: 4,106p London South East
- Market capitalisation: ~£4.08 billion London South East
- Shares in issue: ~99.35 million London South East
- 52‑week range: 1,880p (9 April 2025) to 4,170p (8 August 2025) London South East
At today’s price, Spectris is trading only about 1.6% below the agreed cash offer price of £41.75 per share that U.S. private equity group KKR is offering via Project Aurora Bidco. Reuters
That very narrow “deal spread” strongly suggests the market still expects the takeover to complete, but is retaining a small discount to reflect residual timing and regulatory risk.
All the fresh Spectris news on 20 November 2025
Because Spectris is in a formal offer period, every significant shareholder crossing or dealing around the 1% threshold must file a Rule 8 disclosure. Today’s news flow is dominated by those takeover‑related filings rather than new trading information from the company itself.
1. Jefferies International Limited – Form 8.3 (RNS, 10:16 a.m.)
A new Form 8.3 from Jefferies International Limited discloses its position in Spectris as of 19 November 2025. Investegate
Key points from the filing:
- Jefferies reports an interest in around 1.216% of Spectris’ 5p ordinary shares on a gross long basis, combining direct holdings and cash‑settled derivatives. Investegate
- It also reports a short position of about 1.14% via derivatives, reflecting active hedging or arbitrage around the takeover. Investegate
- The disclosure lists multiple trades on 19 November at prices between roughly 4,106p and 4,113p, very close to both yesterday’s close and today’s trading range. Investegate
The Jefferies filing underlines that sophisticated market participants are trading Spectris heavily in anticipation of the scheme of arrangement being completed.
2. NexPoint Asset Management, L.P. – Form 8.3 (RNS published this morning)
A second Form 8.3, dated 19 November but released this morning, comes from NexPoint Asset Management, L.P. Investegate
Highlights:
- NexPoint discloses control of 622,470 shares (around 0.63% of the company) plus cash‑settled derivatives over a further 715,260 shares (c.0.72%), taking its total long economic interest to approximately 1.35%. Investegate
- The filing shows an increase in a long swap referencing just over 22,500 shares at a reference price of roughly £41.10, effectively another bet that the KKR deal will complete near the agreed terms. Investegate
For investors, NexPoint’s disclosure is another data point showing specialist funds building meaningful positions in Spectris as a merger‑arbitrage situation.
3. Glazer Capital, LLC – Form 8.3 (RNS referenced today)
An RNS summary carried by ADVFN notes that Glazer Capital, LLC has also filed a Form 8.3 on Spectris, dated Thursday 20 November 2025. ADVFN
While the full text sits behind a permission wall, the key takeaway is that yet another professional investor has crossed the 1% threshold and is now formally disclosing its Spectris position under the UK Takeover Code.
4. Takeover Panel – updated Disclosure Table confirms Spectris status
The Takeover Panel’s Disclosure Table, updated today, continues to list Spectris plc as an “offeree” company with:
- Offer period start: 9 June 2025 (12:32)
- Security: 5p ordinary shares
- ISIN: GB0003308607
- Number of securities in issue: 99,412,135
- Offeror: Project Aurora Bidco Limited, a special purpose vehicle wholly owned by funds advised by KKR. Ticker
This table is what triggers the wave of Form 8.3 and 8.5 disclosures investors are seeing daily; it confirms Spectris remains firmly within an active UK takeover situation.
How we got here: KKR vs Advent and the £41.75 offer
To understand why Spectris shares now sit so close to a fixed level around £41–42, it’s helpful to revisit the takeover battle that dominated its 2025.
Advent’s initial approach
On 23 June 2025, Reuters reported that Spectris agreed to a £4.4 billion (debt‑inclusive) takeover by private equity firm Advent International, which offered £37.63 in cash per share, including an interim dividend. Reuters
Spectris shares jumped sharply on that announcement, reflecting a substantial premium to the pre‑bid price.
KKR enters – then raises
The story shifted when KKR came in as a rival bidder:
- In early July, Spectris and Project Aurora Bidco (KKR) announced a recommended cash offer, setting up a head‑to‑head battle with Advent. Investegate
- On 5 August 2025, Spectris revealed that it had agreed to a sweetened KKR proposal valuing the company at £4.8 billion, equal to £41.75 per share including dividends, and withdrew its support for Advent’s lower offer. Reuters
At that point, the board recommended KKR’s higher bid, effectively re‑anchoring the “fair value” of Spectris in the eyes of the market.
Shareholder approval and financing progress
According to later KKR announcements:
- The acquisition is being carried out via a court‑sanctioned scheme of arrangement under Part 26 of the Companies Act 2006, with Spectris shareholders approving the scheme at meetings held on 27 August 2025. Investegate
- On 17 November 2025, KKR published an “Update on Financing and Equity Syndication”:
- The revolving credit facility under the senior facilities agreement has been increased to £325 million after adding a new £25 million lender. Investegate
- Equity co‑investor commitments have risen to just over £1.04 billion, giving co‑investors an indirect stake of roughly 28.5% in Bidco. Investegate
This progress on debt and equity funding reduces the risk that financing issues could derail the deal, helping explain why today’s share price sits so close to the agreed buyout level.
Spectris’ underlying business: Q3 2025 trading still supportive
Beyond the takeover headlines, Spectris has continued to grow its core operations.
In its Q3 2025 trading update on 30 October 2025, the company reported: Spectris
- Group sales of £335.6 million for the quarter, up about 11% year‑on‑year on a reported basis and 4% like‑for‑like.
- Spectris Scientific division sales rose roughly 12% reported / 5% like‑for‑like, while Spectris Dynamics sales increased 10% reported / 4% like‑for‑like. Spectris
- Management reaffirmed that full‑year adjusted operating profit is expected to be in line with internal expectations and noted that preparations for completion of the KKR acquisition are at an “advanced stage.” Spectris
This combination of solid mid‑single‑digit underlying growth and a large cash bid helps explain why Spectris has outperformed many peers in 2025.
Technical picture: trading above key moving averages
From a technical standpoint, Spectris has recently confirmed a strong uptrend:
- On 19 November 2025, MarketBeat highlighted that Spectris shares moved above their 200‑day moving average of around 3,642p, trading as high as 4,116p and last at 4,110p, on volume of roughly 267,500 shares. MarketBeat
- The same report notes that analysts tracked by MarketBeat assign Spectris a consensus rating of “Moderate Buy”, with one recent target price increase from 3,763p to 4,147p by Deutsche Bank. MarketBeat
Today’s price of 4,108p leaves the stock:
- Very close to that recent trading high. London South East
- Around 13% above its 200‑day moving average, underscoring how much the takeover bid has re‑rated the shares.
On classic valuation metrics, there is some divergence between data providers, partly due to takeover‑related and accounting adjustments:
- London South East shows a P/E ratio of about 17.6x, dividend of 80.5p and a yield near 2%. London South East
- MarketBeat, using a different earnings base, cites a significantly higher trailing P/E above 70x and a PEG ratio above 2.7, implying a rich valuation versus recent earnings. MarketBeat
For investors, the key point is that the takeover terms, not conventional valuation multiples, now largely anchor the share price.
How close is the current price to the KKR offer?
Let’s put the numbers side by side:
- KKR offer value: £41.75 per share (41.47 in cash plus 28p interim dividend). Reuters
- Spectris share price today: about £41.08 (4,108p). London South East
That implies:
- Absolute discount: roughly £0.67 per share.
- Percentage “deal spread”: about 1.6% below the offer price.
In plain English, the market is effectively saying:
“We’re almost fully pricing in the KKR takeover – but we still want a small extra return to compensate for the time to completion and the slim risk it falls through.”
If the deal closes at £41.75 within a few months, that 1–2% spread, plus any remaining dividends, is the approximate upside arbitrageurs are targeting, before fees and taxes.
What today’s disclosures mean for existing and prospective shareholders
For current Spectris shareholders wondering what all the Form 8.3 headlines actually mean:
- They confirm intense institutional interest – Jefferies, NexPoint, Glazer Capital and others are active around the stock, typical of late‑stage UK takeovers. Investegate
- They don’t, by themselves, change the offer price. These filings are about transparency, not renegotiating terms.
- They do show where sophisticated money is positioned. The fact that multiple professional investors hold 1%+ stakes suggests a broad market belief that the KKR deal remains on track.
For potential new investors looking at Spectris today, there are essentially two big questions:
- Do you believe the KKR acquisition will complete broadly on time?
- Recent financing updates from KKR and the advanced status of the scheme point in that direction, but no deal is guaranteed until it is formally completed. Investegate
- Is the remaining 1–2% upside (minus costs and taxes) enough compensation for the residual risk?
- With the share price already so close to the cash offer, the situation now looks more like a merger‑arbitrage trade than a conventional long‑term growth investment.
Anyone considering trading or investing should carefully weigh their own risk tolerance, time horizon, and tax position and, if needed, seek independent financial advice. This article is informational only and does not constitute investment advice or a recommendation to buy, sell or hold Spectris shares.
Key things to watch after today
Looking beyond the 20 November news flow, here are the main catalysts that could move the Spectris share price from here:
- Further Rule 8 disclosures
- Additional Form 8.3 or 8.5 filings from large shareholders, hedge funds or banks could signal shifting sentiment around the deal, although they’re unlikely to affect the offer terms directly.
- Regulatory and court milestones
- The acquisition still requires completion of all conditions set out in the scheme document and final court sanction, as emphasised in KKR’s recent financing update. Investegate
- Any surprise change in bidder behaviour
- An unexpected withdrawal, revised terms, or competing offer would clearly be market‑moving – though there is currently no public indication of such changes.
- Macro shocks
- In extreme scenarios, sharp changes in credit markets, regulation or geopolitics could influence deal financing or regulatory clearance.
Bottom line on Spectris PLC (LON:SXS) today
On 20 November 2025, Spectris is trading like what it has effectively become: a near‑money takeover situation.
- The share price of 4,108p sits just a fraction below KKR’s £41.75 per share offer. London South East
- Fresh Form 8.3 filings from Jefferies, NexPoint and Glazer Capital highlight how merger‑arbitrage and institutional investors are still actively positioning in the stock. Investegate
- Spectris’ own trading remains solid, with double‑digit reported sales growth in Q3 and guidance unchanged, underpinning the strategic industrial logic of the deal. Spectris
For now, barring unexpected developments, Spectris PLC’s share price is likely to track news on the KKR acquisition far more closely than day‑to‑day business fundamentals.
