UK-listed fund administration business Sanne has announced that it is in advanced discussions with fund servicing group Apex over a potential £1.5bn takeover.
Apex's offer – for the entire issued and to be issued share capital of Sanne – is 920 pence per Sanne share in cash.
The offer represents a premium of 52.6% to Sanne's closing share price of 603 pence on 13 May, and 51.6% to the volume weighted average Sanne share price of 607 pence over the 90-day period ending on 13 May.
Having considered the offer with its financial advisers, JP Morgan Cazenove and Jefferies, the board of Sanne – which has already been in talks over an earlier offer from private equity firm Cinven – has indicated to Apex that it will support the offer.
Apex is well advanced in its due diligence review and is working with Sanne to complete the review as quickly as possible.
In accordance with Rule 2.6(a) of the Code on Mergers and Acquisitions, Apex must announce a firm intention to make an offer for Sanne by 5pm on 30 August.