Spice rejects Cinven takeover offer

Cinven is understood to have made an indicative offer of 56 pence per share for the entire share stock of the company - both issued and to be issued - valuing the company at about £200m.

Cinven is said to have believed that its offer represented a significant premium for both the value of Spice's businesses and the recovery value from executing a strategic review being undertaken by Spice's management. However, according to some analysts, an attractive share offer would have to be around the 75 pence mark.

Spice was carved out of Yorkshire Electricity in 1996. The company specialises in support services for the infrastructure sector - working through business partnership across 30 UK locations.

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• Topics
• Buyouts
• Support services
• UK / Ireland
• Cinven