Spectris PLC announced on Monday that it has received a conditional acquisition proposal from private equity firm Advent International LP.

The London-based company, known for its high-tech instruments, testing equipment, and software, stated that the offer includes 3,735 pence in cash per share, along with a proposed interim dividend of 28 pence per share.

As news of the bid broke, Spectris shares jumped 66%, reaching 3,392.00 pence in London trading on Monday afternoon. This surge placed the company’s market capitalization at approximately £3.40 billion. Advent’s proposal values Spectris’ equity at over £3.7 billion, translating to an enterprise valuation of £4.4 billion when factoring in debt.

The proposed dividend would align with Spectris’ current payout schedule. The offer was submitted by Advent International Ltd, acting in an advisory capacity to Advent International LP.

Spectris’ board stated that if a firm offer materializes, “the board has carefully evaluated the proposal with its advisers and determined that the proposed value is one they would unanimously recommend to shareholders.”

Advent International has until July 7 to present a definitive offer. Spectris emphasized that there is no guarantee a firm offer will be made.