Spice accepts £251m bid

Spice, the provider of management services to utility firms, has finally agreed terms of a takeover by European buy-out specialist Cinven worth £251m, or 70p a share in cash.The UK firm had firmly rejected an initial approach in May worth 56p per share, and an improved offer of 62-65p in July, but the latest shot proved too good to refuse.Today's deal represents a 41% premium to Spice's share price just before the original bid and is 5% more than Friday's closing price.Irrevocable undertakings to back the deal have been received by 25.4% of Spice shareholders and a non-binding letter of intent to accept the terms has been received from the owner of a 3% stake."This offer is good for customers, employees and shareholders," Spice chief Martin Towers said Monday. "Cinven is a highly credible institution with substantial funds at its disposal. The offer represents an attractive combination of value and certainty for Spice shareholders." Spire Healthcare