15.12.2016

TVH has 20% of Lavendon and has upped its offer

TVH has increased its offer for Lavendon to £2.30 and says that it now owns 14.5 percent of the company's shares and has an irrevocable pledge from Unicorn Asset Management for a further 5.9 percent of the equity, giving it 20.4 percent.

The increased offer, which values the company at £391 million - or £549 million with Lavendon's debt- is available now and is being made formally later today. Lavendon had previously recommended the earlier counter offer from Loxam of £2.20 a share.
See Loxam trumps TVH in bid for Lavendon
In response to the latest bid from TVH Loxam issued a statement saying that it is considering its options, but urging Lavendon shareholders not to take any action yet in response to the renewed TVH offer.

Lavendon noted the two events and stated that it continues to advise shareholders to take no further action on the TVH bid at this time. It also stated that it will make a further announcement at a later date. The shares closed at £2.41.

This battle may yet have some distance to go before it is settled, shareholders and speculators are clearly expecting Loxam to raise its bid, given where the share price has moved to - over £2.40 - What seems almost inevitable now is that one of the two - or a third party - will win control of Lavendon. See TVH acquires stake in Lavendon