Loxam’s bid to acquire Lavendon continues to be supported by the Lavendon board, although TVH of Belgium refuses to go away.
TVH launched a hostile takeover bid in November 2016, offering shareholders 205 pence per share.
Loxam joined the bidding with the support of Lavendon’s directors, offering 220 pence per share. But each time Loxam made an offer, TVH revised its offer to a penny per share higher. Loxam went up to 250p and then 260p; TVH kept track with 251p and 261p.
Now Loxam has raised the bar again. Its new all-cash offer of 270 pence per share values the entire share capital of Lavendon at £459m, compared to the initial TVH bid worth £348m.
Before bidding began, Lavendon’s share price was 139 pence.
Loxam also announced today that it has so far received irrevocable undertakings in respect of 32,639,348 Lavendon shares representing 19.2% of the share capital of Lavendon in issue as at the close of business on 17th January 2017.
In response TVH Group said that it noted Loxam’s revised offer and was considering its options.
Lavendon specialises in powered access platforms and operates in the UK as Nationwide Platforms. From 70 depots in the UK, mainland Europe and the Middle East, Lavendon manages a fleet of more than 21,000 access platform units.
TVH Equipment has 20,000 machines in its rental fleet, mainly in Benelux, Germany, Spain and Eastern Europe.
Loxam is the market leader in France and operates across 13 countries of Europe, including the UK. It has 540 branches and 120,000 machines.
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