Jersey-based finance firm Sanne has rejected a buyout offer of £1.35bn as being too low.
The global provider of alternative asset and corporate services said the 'all cash' offer at a price of 830p per share was the third “unsolicited” approach it had received from Cinven in recent months.
Sanne said in a statement that its board considered the proposal “in detail”, but concluded that it was “opportunistic and not reflective of the Group's ability to deliver strong operating and financial performance as the macro-economic environment continues to recover, or its longer-term prospects.”
It added: “The Board engaged with Cinven to explain why the Proposal significantly undervalues the Company and why it does not merit further engagement.
“Accordingly, the Board unanimously rejected the Proposal.”
Despite the pandemic’s impact, Sanne achieved net revenue growth of 7.3% across all regions in 2020.
Sanne’s Non-Executive Chair, Rupert Robson, commented: "We are extremely confident in Sanne's strengths and future prospects, especially as our markets continue to recover and our well-supported equity raise will assist us in executing on the robust M&A pipeline. There is good momentum at all levels and we are very well-placed to take advantage of the significant opportunities we see. We appreciate that we have a unique platform of real scarcity value from which we can continue to grow. As a Board, we are aware of our responsibility to create and capture value for our shareholders, but this proposal falls well short of that threshold for us to fully engage."
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