Loxam enters Lavendon takeover battle
French powered access group Loxam has joined the fray in the battle to take over Lavendon.
Loxam has made a preliminary approach to Lavendon regarding a possible cash offer and is urging Lavendon shareholders not to commit to the 205p per share offer made by TVH Equipment of Belgium last week.
“Discussions with Lavendon are ongoing and there can be no certainty that any offer will be made, nor as to the terms of any such offer,” Loxam said in a statement today.
On Tuesday last week (22 Nov) TVH went public on a £348m takeover bid that it had launched for Lavendon after its initially welcomed approaches were eventually rebuffed by the Lavendon board. By the end of the week, TVH had secured 9.0% of Lavendon.
Lavendon is the parent company of Nationwide Platforms, the UK’s largest specialist powered access hire company.
Lavendon is also active in France, Belgium, Germany and the Middle East. Worldwide it has a fleet of 21,000 access platforms for hire and employs approximately 1,900 people. In 2015 it reported revenue of £248.6m and underlying profit before tax of £38.5m.
TVH Equipment has 20,000 machines in its rental fleet, mainly in Benelux, Germany, Spain and Eastern Europe.
Loxam is the market leader in France and operates across 13 countries of Europe, including the UK. It has 540 branches and 120,000 machines.
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This article was published on 28 Nov 2016 (last updated on 1 Dec 2016).