23.12.2002

Lavendon’s 2nd “Approach“

Lavendon, the owner of Nationwide Access in the UK and Zooom in Germany, has received a second unsolicited approach from a private equity group interested in discussing a possible purchase of the group. The first approach was announced on 23rd August, while the latest was received on 9th December.

“Subsequent to, and separate from, this initial approach, a second private equity backed approach has now been made to the company with a proposal which is currently more attractive than the first approach” said a statement from the non-executive members of the Lavendon Group Board. The statement emphasised, however, that “this second approach is also at a very preliminary stage”.
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David Price: Executive Chairman

Speculation that a management buyout team might be involved in one of the offers has been prompted by a further announcement from the Board that: “As both approaches may involve some or all of the executive directors of Lavendon, notwithstanding the fact that the initial approach had not been solicited by them, the Board has formed an independent committee comprising the non-executive directors of the Company”.

The proposals will now be considered by the independent committee which will “update shareholders in due course”.

* Lavendon has two non-executive directors, John Gordon and John Heywood. They will now assess any offers that are made. Its three executive directors are executive chairman David Price, chief executive Kevin Appleton, and group finance director Alan Merrell.

Read More:
Lavendon reveals reduced interim profits but increased revenues. September 4, 2002