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Keysight Technologies (NYSE: KEYS) has made a bid to acquire Spirent Communications (OTCPK:SPMYY) (OTCPK:SPNUF), outbidding a bid made by Viavi Solutions (VIAV) for the U.K.-based telecom network testing company, Bloomberg reported News.
Keysight has agreed to acquire Spirent for 201.5 pence per share, which includes a special dividend of 2.5 pence and gives Spirent an equity valuation of £1.16 billion (about $1.5 billion), the report added citing the companies.
Spirent Communications shares rose about 11% to 198.6 pence on the London Stock Exchange on Thursday
Earlier this month, Viavi made an offer to acquire Spirent in an all-cash deal worth around £1.005 billion, or 172.5 pence per Spirent share.
Spirent’s board of directors withdrew its recommendation of the Viavi offer.
The transaction is subject to investors holding at least 75% of the voting rights accepting the terms and regulatory approval.