Sanne rejects £1.3bn approach from Cinven

Private equity firm Cinven said its approach to fund administration services provider Sanne about a possible takeover at 830p a share had been rejected.

Cinven confirmed it had put the proposal, worth £1.3bn, to Sanne on May 4 and was now considering its position. The offer is a premium to Thursday's closing share price of 603p

It added that eligible Sanne shareholders would also retain the right to receive the final dividend of 9.9p a share declared in March.

Sanne provides administration services to alternative asset managers and family offices, and helps corporate clients in areas such as tax compliance and escrow services.

It recently raised £80m through a placing to finance the acquisition of STRAIT Capital Company, a North American private equity and hedge fund administration business.