London’s Sanne Group has entered into talks with Cinven after the private equity firm made a sweetened offer of £1.42bn to buy the asset management services provider.
The asset services firm’s board confirmed this morning that it has received a fifth proposal from Cinven, which includes a possible all cash offer at a price of 875p per share.
Shares in London-headquartered Sanne rocketed this morning following the announcement, soaring 11.92 per cent to 864p per share.
The board now awaits Cinven’s firm intention to make an offer for Sanne, or to announce that it does not intend to make an offer.
The deal’s talks are set to end by 5.00pm on 9 July, unless the deadline is extended by Sanne’s board.
Cinven sent Sanne another possible cash offer of 830p per share in May, which was rejected by Sanne’s board a week later.