After it was revealed that private equity firm Cinven was in the early stages of considering a possible bid for Ideagen, it has now confirmed it does not intend to move forward with an offer.
The Nottinghamshire-based software firm has now, however, announced that it has received further proposals regarding cash offers for the company from Astorg and Hg.
Astorg and Hg are required to either announce a firm intention to make an offer or announce that they do not intend to make an offer by 2 June 2022.
This morning (5 May) Ideagen said: “The Board of Ideagen notes the announcement by Cinven Limited, adviser to the managing general partners of the Cinven funds (“Cinven“) that it does not intend to make an offer for the company.
“Since the Cinven announcement on 14 April 2022, Ideagen has received proposals regarding cash offers for the company from Astorg and Hg.”
It continued: “There can be no certainty that a firm offer will be made, nor as to the terms of any such offer. Further announcements will be made in due course as appropriate.”