Private equity firm calls off £1bn bid for Ideagen
Private equity group Cinven has called off a mooted £1bn bid for Nottingham-based software firm Ideagen.
Last month, Cinven said it was in the early stages of considering an offer, but this morning (May 5) it announced that it “had no intention” of pursuing the deal.
A statement from Cinven said: “Following the statement on 14 April 2022 in which Cinven, adviser to the managing general partners of the Cinven funds, announced that Cinven was in the early stages of considering a possible offer for Ideagen, Cinven today confirms that it does not intend to make an offer for Ideagen.”
However, it also emerged this morning that two further offers have been made for Ideagen.
In a statement this morning, the company said: “The board of Ideagen notes the announcement by Cinven, adviser to the managing general partners of the Cinven funds, 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.”
Astorg and Hg now have until 5pm on June 2 to make a formal offer for Ideagen.
Software group Ideagen has been growing through acquisitions, and has now completed 27 acquisitions.
It raised £100m in December to fund acquisitions and went on to acquire MailManager in a £26.4m deal. Its largest purchase so far was done last November when it bought Sydney-based CompliSpace for £58m.
