LONDON (Alliance News) - French company Loxam SAS said on Thursday its increased takeover offer for London-listed equipment rental firm Lavendon Group PLC has so far received acceptances representing only 0.001% of Lavendon shares.
Loxam has been engaged in a bidding war over Lavendon with Belgian company TVH Group NV since November, when TVH made a 205 pence per share cash offer for the company.
Loxam's latest bid, made public on Wednesday, valued Lavendon at 260.0p a share, or GBP442.0 million in total. Loxam's bid has the support of Lavendon's directors, who have said they intend to recommend the offer over TVH's last announced offer of 251.0p a share.
However, so far Lavendon shareholders appear to be waiting on a possible counter-offer from TVH or someone else, with Loxam's latest offer receiving valid acceptances for only 1,800 Lavendon shares, around 0.001% of the total issued shares of the company. Additionally, parties acting in concert with Loxam in its bid only hold 0.010% of Lavendon shares.
Shares in Lavendon were untraded Thursday morning, having closed up 0.3% at 264.00p on Wednesday.
TVH has said it is "considering its options" in response to Loxam's bid. Earlier in December, TVH said it had either acquired or received irrevocable undertaking to accept its own revised bid in respect to approximately 20% of Lavendon shares.
By Adam Clark; adamclark@alliancenews.com
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