After four offers that were all quickly rejected, Sanne Group PLC (LON:SNN) has received a fifth offer at 875p per share from private equity group Cinven. The board has decided to enter into conversations with Cinven based on this offer, and as a result has asked the Takeover Panel to extend the deadline by which Cinven must make a firm offer.
As before, there can be no certainty that a firm offer will ultimately be made.
Sanne shares rose 10.9% in early trading.
Sanne Is Now Considering A Takeover Offer From Cinven
Nicholas Hyett, Equity Analyst at Hargreaves Lansdown:
“Energy and Persistence conquer all things, at least according to Benjamin Franklin, and Cinven has been leaning heavily on the latter of the two in its attempt to snap up Sanne Group. The private equity giant’s fifth offer has finally drawn the Sanne board to the negotiating table.
Having firmly rejected the previous four offers, the move suggests the Sanne board are now at least willing to consider a sale. Whether Cinven will need to put a cherry on top of their 875p a share offer to get the board to bite remains to be seen.”
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