LONDON (Alliance News) - Belgian company TVH Group NV said Thursday it has made an increased cash offer for London-listed equipment rental firm Lavendon Group PLC, after being outbid by French company Loxam SAS.
TVH said it has increased its cash offer to 230.00 pence a share, from the original 205p offer it made in September, which Lavendon rejected. The new offer values Lavendon at approximately GBP391.0 million.
The offer is higher than the 220.00p a share offer made by Loxam, which the Lavendon board recommended to shareholders on Wednesday.
Shares in Lavendon were up 4.2% at 241.00p Thursday afternoon.
TVH also said it has acquired a further 9.2 million shares in Lavendon, a stake of approximately 5.4%. TVH said the purchases leaves it owning approximately 14.5% of Lavendon shares, and that it is seeking to acquire more shares.
Including TVH's own holding in Lavendon, the Belgian firm said it has either acquired or received irrevocable undertakings to accept its increased offer in respect to approximately 20% of Lavendon shares.
TVH had previously announced it has lowered the acceptance condition of its takeover offer to 50% plus one share.
By Adam Clark; adamclark@alliancenews.com
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