International fund services manager Sanne Group has turned down a £1.34bn ($1.9bn) buyout offer from UK private equity company Cinven.
In a stock market statement on 14 May regarding "a possible offer for Sanne Group plc" Cinven noted the recent speculation and confirmed that, on 4 May 2021, Cinven made a potential cash offer for Sanne at 830 pence per share while also allowing eligible Sanne shareholders to retain the right to receive the final dividend of 9.9 pence per share declared on 19 March 2021.
This offer was rejected by the Sanne board of directors on 12 May 2021, the statement said, adding that Cinven is now "considering its position", with "no certainty any offer will be made" and "a further announcement will be made when appropriate".
Sanne Fiduciary Services (UK) and Sanne Group Administration Services (UK) are both regulated by the Financial Conduct Authority.
Its service offering covers a full suite of asset class specialist fund and corporate administration services, including expertise across listed and regulated fund structures, loan agency and capital market specialisms.
Sanne Group has had a presence in London since 2011 which is now home to its global headquarters and staff of more than 120 people comprising accountants and corporate governance specialist operating across 23 global jurisdictions.
Namely, Cayman Islands, New York, San Diego, China, Hong Kong, India, Japan, Mauritius, Singapore, France, Guernsey, Jersey, Ireland, Luxembourg, Malta, Netherlands, Serbia, South Africa, Spain, United Kingdom.
