Spirent shares jump 60% as it accepts £1bn bid from US rival Viavi

Shares in the UK telecoms firm Spirent Communications jumped 60% after it accepted a £1bn offer from a US rival in the latest takeover of a British company by a foreign firm. The Arizona-based Viavi Solutions, which manufactures, tests and monitors equipment for networks, will pay 172.5p in cash and a special dividend of 2.5p, in lieu of a final dividend, for each Spirent share. Spirent shares rose as high as 174.90p, up 60%, making it the top riser on the FTSE 250. Related: UK economy ‘turns a corner’ as growth picks up; Jeremy Hunt ‘to cut national insurance and freeze fuel duty’ – business live There has been a flurry of takeover offers for UK companies from foreign suitors looking to take advantage of low valuations. UK assets are considered to be cheap, weighed down by a weaker pound, the struggling UK economy and the lingering impact of Brexit. Last week, bosses at the haulage company Wincanton threw their support behind a £762m takeover offer from the US logistics business GXO and dropped their backing for a rival bid from France’s CEVA. CEVA said on Tuesday that it would not raise its offer. The insurer Direct Line rejected a...

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