Private equity group Cinven confirmed on Friday that it made a £1.35bn offer for Sanne, a fund administration business that provides alternative asset and corporate services, which it said was subsequently rejected.

The cash offer of 830 pence per Sanne share was made on May 4 and was rejected by the target on Wednesday, Cinven said. The private equity group has until June 11 to make a firm offer for the FTSE 250 company or walk away.

Shares in Sanne, which closed at 603 pence on Thursday, surged to 763p on Friday morning.

The Jersey-based company was previously owned by Inflexion, another private equity manager, before it was listed in London in 2015. It recently raised £80m through a placing to fund the purchase of Texas-based peer Strait Capital Company.

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Source: Financial Times

By Harriet Agnew and Kaye Wiggins