Last month Belgian company TVH Services NV revealed that it had made two bids to take over Lavendon. Both were rejected.
Lavendon is the powered access market leader in western Europe. It owns the UK’s largest fleet of platforms, including the Nationwide brand, and has operations in Germany, Belgium, France and Spain. It also has fleets across the Gulf, owning more than 22,000 units in total.
Ashtead has now joined with TVH to make a new bid that would see A-Plant taking over the UK operations. TVH would take over all overseas operations.
Ashtead and TVH offered to buy Lavendon for 115 pence a share, which is a bit below Lavendon's share price was just before the bid, but more than 45% up on when TVH revealed its 111p a share offer in early December.
Lavendon, which rents out powered aerial work platforms that enable people to work safely at heights, had in December rebuffed TVH's offer, saying the 183 million pound bid undervalued the company.
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