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Lavendon takeover battle sees valuation rise to £442m

3 Jan 17 It was a busy Christmas period for financial advisers to three of Europe’s biggest powered access hire companies as bids continued to rise in the the Lavendon takeover battle.

Lavendon is the parent company of Nationwide Platforms
Lavendon is the parent company of Nationwide Platforms

Belgium’s TVH increased its offer on 23rd December to 251 pence per share, outbidding Frech rival Loxam by just a penny and valuing the Lavendon business at £427m.

Loxam responded on 28th December by increasing its bid from 250 pence per share to 260 pence per share, valuing Lavendon at £442m.

Before bidding began, Lavendon’s share price was 139p.

In response to Loxam’s increased bid, TVH said it was considering its options.

Lavendon’s board has always preferred Lavendon as a suitor, rejecting every offer from TVH but approving Loxam’s initial 220p offer.

In a statement on 28th December it said: “The board of Lavendon unanimously intends to recommend that Lavendon shareholders accept this increased Loxam offer and therefore continues to advise that Lavendon shareholders take no action with regard to the revised offer for the company announced by TVH on 23rd December 2016.”

Lavendon styles itself as the European and Middle East market leader in the rental of powered access equipment. In the UK it trades as Nationwide Platforms.

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MPU
MPU

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