Ask any top City investment banker or lawyer who works on blockbuster deals for private equity firms how busy they are and they will probably tell you the same thing: business is booming.

“It’s incredible,” one lawyer said. “It is the busiest period we’ve seen in probably the last 20 years.” There have been £1 billion-plus bids for three FTSE 250-listed companies by buyout firms in the past week.

They include Sanne, a fund administration business, which yesterday confirmed that it had rejected a £1.3 billion approach from London-based Cinven. UDG Healthcare, the pharmaceuticals industry services company, on Wednesday agreed to a £2.6 billion takeover by the American firm Clayton, Dubilier & Rice, while last Friday St Modwen Properties revealed it had received a £1.2 billion approach from Blackstone, the world’s largest private equity group.

Read more/Source: The Times