SPK.L Share News (SPK)

Chamonix Private Equity has decided against launching a bid for internet investor Spark Ventures after a new indicative offer was rebuffed last week.Spark was approached by Chamonix earlier this month regarding a possible offer, followed by an alternative conditional indicative cash offer to buy its investment portfolio and the Querist management contracts.'Although this offer for the assets was in excess of the current market valuation of the company, it was rejected by the board of Spark,' Chamonix said.Spark called the last proposal 'highly conditional' and claims Chamonix would have to raise the cash to bankroll an acquisition. It said Chamonix had sought a substantial 'inducement' fee arrangement from Spark and an 'exclusivity and non-solicitation' agreement. Spark continues to explore 'expressions of interest' in certain assets that could present an alternative to the previously announced proposed management buyout of its fund management business.