Sanne requests another deadline extension as talks with Cinven continue

by DailyBriefers

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(Sharecast News) – Fund administrator Sanne has asked the UK Takeover Panel for another extension to the date by which private equity firm Cinven must make a firm offer for the company or walk away.

Cinven was given a deadline of 1700 BST on Friday but this has now been pushed back to 6 August.

“There can be no certainty that any offer will be made, nor as to the terms of any such offer,” Sanne said, adding that a further announcement will be made if and when appropriate.

Sanne already asked for a deadline extension in June as it confirmed that it had decided to enter into discussions with Cinven, after it made a fifth, unsolicited offer for the business at 875p a share. In May, Sanne rejected an offer of 850p a share.

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