30.11.2016

TVH posts formal offer

TVH has announced that it has posted its formal ‘Offer Document’ containing the full terms and conditions of its bid to acquire Lavendon to all shareholders, along with the Form of Acceptance. The first closing date is 21st December.

A copy of the offer will shortly be posted on the TVH website. The company has also repeated that its cash offer is final unless Loxam launches a formal bid which is higher. It also repeats that while it will require 75 percent acceptance to move ahead, it reserves the right to reduce this to 50 percent plus one share if so chooses.
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UPDATE
Lavendon responded with the following statement: “The Board of Lavendon notes the announcement issued earlier today by TVH Group regarding the posting of the Offer Document with respect to its unrecommended 205 pence cash offer for the entire issued and to be issued share capital of Lavendon.”

“The board will be writing to shareholders in due course and in the meantime continues to advise that they take no action at this stage.”