Sanne Group has rejected a takeover offer made earlier this month by private equity firm Cinven, which valued the company at £1.3bn.
Shareholders were offered 830p per share, a 22% premium to the previous closing price, with the possibility to receive the final dividend of 9.9p declared on 19 March.
Sanne rejected the proposal this week.
Cinven is now considering its position, but has to make another offer or withdraw its interest by 11 June in line with City M&A rules. It said a further announcement will be made when appropriate.