Jersey-based asset management group Sanne has confirmed it is in talks with Cinven, after the private equity firm made an improved offer of 875 pence per share to buy the company, according to reports from Reuters.
This follows Sanne's rejection in May of a £1.35bn buyout proposal from the investment group.
Cinven's latest offer represents a premium of about 13% to Sanne's last closing price of 772 pence. Its London-listed stock was around 12% higher in morning trade and hit a record high of 868 pence, but was still less than the offer price.
Sanne said Cinven now has until 9 July to make a firm offer.