One of the major shareholders in Spice has indicated that it might hang on for an improved takeover offer although the panel of the utility services group expressed that it was demur to support a £364m move from Cinven, the private equity group.

A top-10 shareholder Aviva Investors expressed that Cinven, one of Europe's largest buy-out houses, might not be shelling out a great deal of premium for control of Spice was its syrupy 70p-a-share cash suggestion victorious.

According to Toby Belsom, UK equities fund manager at Aviva Investors; he doesn't think the price is a sensation. This leaves space for other bidders.

Shares in Spice concluded up by 3_p at 67p since the group expressed that it projected to suggest shareholders to acknowledge the recent offer from Cinven that remains subject to due assiduousness and had finished discussions with another likely suitor.

The timing of Thursday's declaration hoisted up some eyebrows provided that only 18 hours prior Spice exposed for the first time that it had got a conditional proposal from a second concerned party.