3rd Sep 2021 08:46
(Alliance News) - Cinven Ltd on Friday confirmed that it does not intend to make another offer for Sanne Group PLC.
The London-based private equity investor in June made a 875 pence takeover offer after Sanne rejected a string of lower ones. Two months later, financial services provider Apex Group Ltd presented a cash buyout worth 920 pence per Sanne share.
With 162.2 million shares in issue, Apex's deal valued Sanne at GBP1.52 billion, while Cinven's valued it lower at GBP1.49 billion.
Sanne hit Cinven with a 'put up or shut up' deadline extension to August 30, but the equity investor confirmed today that its final offer stands firm.
As a result, Apex looks set to close the deal at 920 pence.
Shares in Sanne, a FTSE 250-listed asset management services provider, were down 1.9% at 913.00 pence in London on Friday morning, but it was trading at 603 pence the day before Cinven's first offer back in May.
Cinven's first offer of 830p per share was rejected by Sanne as it felt it significantly undervalued the company as the economy recovered and called the approach "opportunistic".
Last Wednesday, Apex Founder and Chief Executive Peter Hughes told Alliance News that Sanne's board have been "very clear" in what they expected from Apex during the back and forth bidding process, with Hughes noting his firm has "delivered as it promised it would", which has been "well received" by Sanne.
By Josie O'Brien; [email protected]
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