14th May 2021 08:00
(Alliance News) - Cinven Ltd on Friday confirmed that it proposed a possible offer of 830 pence per share for Sanne Group PLC which the company rejected, following a media report.
The private equity firm said it is considering its position and there can be no certainty any offer will be made.
The statement follows a Sky News report late on Thursday saying that Cinven offered GBP1.3 billion for the FTSE 250 company, which provides fund administration services to asset managers and companies.
Cinven said it made the approach on May 4 before it was rejected on May 12. The 830p-per-share proposal is a 38% premium to Sanne's closing price on Thursday of 603.00p. Sanne shareholders would have retained the right to receive the 9.9p-per-share final dividend if the offer had gone ahead, Cinven said.
Cinven has until the end of business on June 11 to either make a firm offer for Sanne or walk away.
By Ivan Edwards; [email protected]
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