Construction News

16/12/2016

TVH And Loxam Continue Bidding War For Lavendon

A major bidding war is ongoing between TVH and Loxam on who will takeover powered access specialist Lavendon.

Last month, Belgian firm TVH offered 205p-per-share for Lavendon, valuing the company at £348 million. It was rejected by the Lavendon Board. However, a 220p-a-share offer from French rental company Loxam was accepted.

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Yesterday, TVH announced an improved bid of 230-pence-per-share, taking Lavendon's value to £391m.

However today, 16 December, Loxam hit back with an offer of 250p-per-share, raising the Group's overall value to £425m.

It is understood TVH are considering their options and urged Lavendon Shareholders to take no action.

(LM/MH)

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