UK private equity firm Cinven said this morning that Sanne Group, an alternative asset and corporate services business, has rejected its £1.35bn buyout offer.
The company said it is now considering all options, and has until 11 June to make a firm offer or walk away.
Earlier this month Cinven made a proposal of a 830p per share to Sanne, which provides outsourcing services to clients across the Americas, Europe, Middle East, Africa and Asia Pacific.
Cinven investments are focussed on business services, financial services, consumer, healthcare, technology and industrial in North America and Europe.
The buyout firm said its proposal also allowed eligible Sanne shareholders to retain the right to collect the company’s final dividend declared in March.