Sanne board rejects fourth Cinven offer

The offer would value the business in the region of £1.37bn. The board said in a statement that it "continues to believe that the fourth proposal does not reflect the group's ability to deliver strong operating and financial performance as the macroeconomic environment continues to recover, its longer-term prospects, or the scarcity value inherent in its unique, global platform." The board added that it remains "highly confident in the standalone prospects of the company."

Cinven has until 11 June to make a firm offer or walk away.

Cinven presented an earlier proposal of 830 pence per share to Sanne in May, following two earlier proposals, which were all rejected by the board.

Sanne has previously been under private equity ownership. It was acquired by Inflexion in October 2012 and subsequently listed on the London Stock Exchange in March 2015 with a market capitalisation of £250m, generating a 4.0x return on investment for Inflexion.

Sanne recently raised £79.5m through a placing of new ordinary shares at 640 pence per share. The sum was partially used to finance the $32m acquisition of Strait Capital Company, a North American fund administration business.

Last year, Sanne sold its Jersey-based private client business to JTC. According to the deal, Sanne will receive up to £12m in cash upon completion of the transaction.

Sanne provides administration, reporting and financial services to alternative asset managers, financial institutions, family offices and corporates. It serves 1,750 clients and administers 7,800 structures and funds with £250bn in assets.

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