Lavendon urges shareholders to sit on their hands as bidding keeps rising

TVH also said that it had so far acquired 20.4% of the issued share capital of Lavendon, having previously secured certain irrevocable undertakings to accept its earliest offer of 205 pence.

Loxam said in response that it was considering its options.

TVH’s third increased offer values the entire share capital of Lavendon at £444m, representing an 88% premium to the share price on 21st November 2016, just before the takeover battle began.

The Lavendon board continues to advise that shareholders take no action at this stage.

Lavendon is the UK and European leader in the powered access hire market, with a fleet of 21,000 platforms. It trades in the UK as Nationwide Platforms, which accounts for approximately half of the fleet.

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