Spectris, a supplier of precision instrumentation and controls, withdrew its £1.8bn offer for Oxford Instruments, a United Kingdom manufacturing and research company that designs and manufactures tools and systems for industry and research. "Oxford Instruments is a quality company and the strategic and financial rationale for a combination of our businesses is highly compelling. However, with the invasion of Ukraine, the world has changed since our proposed offer was made regarding a combination of our businesses, bringing a high degree of uncertainty to the economic outlook around the world. While we believe this combination is a great opportunity for both companies, the timing is no longer right and we have brought our discussions to a close. The appalling events in Ukraine are extremely distressing. Though we have no businesses in Ukraine, we are doing everything we can to help colleagues whose families are impacted and support the relief effort for the people of Ukraine," Andrew Heath, Spectris CEO.