Cinven's Sperian bid trumped by Honeywell €1.1bn offer

This offer values the company at €896 (or €1.1bn including debt), trumping Cinven's €766m (including debt) bid.

Cinven's offer, placed about a month and a half ago, was initially supported by the board. The offer would have seen Cinven take a majority stake while maintaining the company on the public market. 

The deal was initially supported by main shareholders Essilor and Mrs Ginette Dalloz, who respectively own 15% and 13.2% of the business.

However, shortly after the announcement of the agreement with Cinven, several strategic players became interested in the business, inciting the board to allow the expiration of the exclusivity agreement with Cinven on 30 April. An auction process was organised by Rothschild.

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