Spectris rejects second KKR proposal in favour of Advent's $5 billion bid

(Reuters) -Britain's Spectris said on Friday it had rejected a second takeover proposal from private equity firm KKR, days after the scientific instruments maker backed a possible competing $5 billion bid from Advent International.

Spectris did not provide details on KKR's proposal, noting only that it was the second proposal by the private equity firm it had rejected.

The company, which provides hardware and software solutions to sectors such as pharmaceuticals, steel and automotive, said on Monday it would accept private equity firm Advent's proposal of 37.63 pounds per share, if a formal offer was made.

Advent declined to comment, while KKR did not immediately respond to a Reuters' request for comment. The competing proposal by KKR was first reported by the Wall Street Journal on Friday.

Spectris is the largest takeover target this year in Britain, which has attracted overseas buyers in recent years due to relatively cheap valuations.

Under UK takeover rules, KKR has until July 11 to make a formal offer or walk away.

(Reporting by Prerna Bedi and Unnamalai L in Bengaluru; Editing by Vijay Kishore and Mohammed Safi Shamsi)

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