Spice opts for £246m offer from Cinven in bid war

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

Spice said it was in "advanced discussions" with Cinven about a cash offer of 70p per share, and had stopped talking to other interested parties. The board said that it would tell shareholders to back a 70p offer.

"Although the board believes that the company has a strong future as an independent business, because of the cash nature and premium of the potential offer, it is in shareholders' interests to facilitate further discussions with Cinven," Spice said.

The talks mark Cinven's third approach for Spice, and suggest its hardball approach is paying off. The European buy-out house first bid 56p per share in May, then went up to between 62p and 65p per share in July. Yesterday, when Spice held its AGM, it announced that it was in talks with a second potential bidder, which seems to have spurred Cinven to action.

Spice shares, which rose 12% yesterday as traders anticipated a bidding war, rose 6.3% to 67.25p.