Ashetad, parent of A-Plant, last week joined with Belgium company TVH Services to offer Lavendon shareholders 115p a share. The offer was dependent on Lavendon board approval and access to check the books. Lavendon’s board rejected the bid as opportunistic and said that it undervalued their company.
TVH Services, the holding company of forklift truck and aerial platforms firm Thermote & Vanhalst, had already had two previous offers to Lavendon turned down by the board.
In a stock exchange statement today (18 January) Ashtead said: “In their 13 January 2011 announcement the Joint Acquirers [Ashtead and TVH] stated that the Approach was subject to the following non-waivable pre-conditions; (a) access to and satisfactory completion of confirmatory due diligence; and (b) the recommendation of the Board of Lavendon. Lavendon's rejection means these pre-conditions cannot be fulfilled and as result the Joint Acquirers will not proceed with an offer and will be bound by Rule 2.8 of the Takeover Code.
“As a consequence of the memorandum of understanding between Ashtead and TVH dated 12 January 2011, any future joint or sole approach by Ashtead and or TVH, made prior to 18 October 2011, must be mutually consented to by Ashtead and TVH.”
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