The bidding war to take control of Leicester powered access specialist Lavendon has heated up with another unexpected twist.
Belgian materials handling specialist TVH Group and French plant maker Lomax Group have been fighting it out to seize control of Lavendon, the parent company of Nationwide Platforms.
TVH unveiled a 205p-a-share hostile cash bid for Lavendon last month, after months of talks with Lavendon’s management failed to reach agreement. The offered valued Lavendon at £348m
Days later Lomax triggered a bidding war when it jumped in with a 220p a share offer that Lavendon’s directors ‘unanimously intended’ to accept.
Yesterday TVH group halted the agreed takeover process when it trumped this with an increased offer of 230p, taking the offer value to £391m.
This morning Lomax has table a counter bid of £250m, lifting the offer price to £425m.
TVH has responded to the move with a holding statement saying that it was considering its options and would make a further announcement will be made in due course.
from Construction Enquirer http://www.constructionenquirer.com/2016/12/16/bid-war-heats-up-for-lavendon/
via Tumblr http://ndbasilica.tumblr.com/post/154546289399
No comments:
Post a Comment