From bullish optimism to the nadir of pessimism and back again, the history of Candover Partners and its listed parent symbolises much of the history of the leveraged buyout industry. Candover’s status as a takeover target last week means it may return to its roots.

The approach by the Alberta Investment Management Corporation, one of the world's largest asset management firms with C$69bn (€52bn), for Candover Investments, the UK-listed investment company that owns Candover Partners, is the largest and most audacious public takeover attempt of a private equity firm. The only comparable event to AIMCo's bid for Candover is 3i's failed bid for rival Electra in the late 1990s.