British PE firm Cinven bows out of Sanne's $2 billion takeover battle

(Reuters) – London-based private equity firm Cinven said it would not make another offer for British asset management services provider Sanne, bowing out of a $2 billion bid battle with U.S.-based fund servicer Apex Group.

Sanne agreed to a 920 pence a share proposal from Apex last week, valuing the company at about 1.51 billion pound ($2.09 billion) and trumping Cinven’s sweetened bid of 875 pence per share.

($1 = 0.7232 pounds)

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