Cinven Mulls Options as Sanne Rejects $1.9bn Buyout Proposal

UK-based Cinven said on Friday alternative asset and corporate services firm Sanne Group had rejected its $1.90bn buyout offer, and the private equity firm was considering all options.

Cinven, which made a proposal of 830 pence per share to Sanne earlier this month, has until June 11 to make a firm offer or walk away.

Jersey-based Sanne, which provides outsourcing services to clients across the Americas, Europe, Middle East, Africa and Asia Pacific, did not immediately respond to a request for comment.

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.

Cinven is a global private equity firm founded in 1977, with offices in nine international locations in Guernsey, London, New York, Paris, Frankfurt, Milan, Luxembourg, Madrid, and Hong Kong that acquires Europe and United States based corporations, and emerging market firms that fit with their core businesses, and necessitate a minimum equity investment of $121m or more.

Source: Nasdaq