03.01.2017

TVH bids £2.61 for Lavendon

As we predicted last week TVH has increased its bid for Lavendon shares by a further 10p to £2.61 topping Loxam’s latest offer by a penny.

The company has also acquired a further 10 million plus shares that were previously pledged by Unicorn Asset Management meaning that it now owns the 20.4 percent of the business.

The latest offer values Lavendon at £444 million plus net debt, making a total of £602 million. TVH says that it is ready to purchase shares at the increased price immediately, but a revised offer document will be mailed to all Lavendon shareholders in due course.

Loxam has said that it is considering its options, while Lavendon has issued a brief statement asking shareholders to take no action at this point, stating that a new announcement will be made in due course.

Lavendon shares have now risen to £2.67 suggesting that a further bid from Loxam is anticipated. Watch this space.