Spice Rejects Buyout Offer from Cinven

LONDON (Reuters) – Buyout company Cinven said Britain’s Spice Plc (SPI.L) had rejected a takeover bid that values the provider of engineering and support services to utility companies at almost 200 million pounds ($309.3 million).

Prompted by a 7 percent climb in Spice shares on Monday, Cinven issued a statement saying that it had proposed an indicative price of 56 pence per share in cash for Spice and that it was considering making an offer for the company.

“This approach was rejected by the board of Spice and there are currently no discussions taking place between Cinven and Spice,” the private equity firm said on Tuesday.

Shares in Spice were trading up another 5.5 percent at 52.5 pence by 0750 GMT, taking their gains so far this week to 13 percent. (Reporting and writing by Golnar Motevalli; Editing by Paul Hoskins)