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UK Sanne agrees to buyover negotiations as Cinven raises bids again

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(Reuters)-London-listed Sanne Group with Cinven on Friday after a private-equity fund made a sweet offer of £ 1.42 billion ($ 2.01 billion) to buy an asset management service provider. He said he had decided to start negotiations with.

The fifth unilateral offer of 875p per share from Cinven will be made in May after Sanne rejected the £ 1.35bn takeover offer from the investment group.

The latest offer represents a premium of about 13% against Thursday’s closing price of 772p.

In recent years there has been a growing interest in UK corporate integration and private equity. Sanne is one of the latest additions to acquisition targets, following companies such as John Laing. Aggreko (LON :), Equiniti and Spire.

Based in Jersey, Sanne provides outsourcing services to clients in dozens of countries, winning new businesses and making several acquisitions last year, resulting in a 12% increase in annual revenue.

Cinven said it needed to make a firm proposal or announce its intention to cancel Sanne’s purchase by July 9, adding that it had disclosed the proposal from Cinven without prior agreement or fund approval.

Cinven did not immediately respond to the request for comment.

($ 1 = 0.7052 lbs)

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UK Sanne agrees to buyover negotiations as Cinven raises bids again

Source link UK Sanne agrees to buyover negotiations as Cinven raises bids again

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