(Bloomberg) — Spectris Plc, a U.K. maker of precision and test equipment, said it ended negotiations to buy Oxford Instruments Plc, a producer of microscopes and lab supplies, citing the economic uncertainty caused by the war in Ukraine.
Spectris said Monday while it still sees a compelling rationale for the acquisition, market conditions mean the deal wouldn’t be in shareholders’ best interest.
“The advent of war in Ukraine, with its deplorable events, has created significant uncertainty in global economic conditions” and there’s no clear end in sight, Spectris said.
The company said last week it was in talks to buy Oxford Instruments for 31 pounds a share in cash and stock. Spectris said it has no businesses in Ukraine.
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