Ashtead backs down on Lavendon bid

Local News
- 27 Jan 2011 ( #498 ) - Leatherhead
1 min read
Ashtead, the third-largest US and UK construction equipment-rental company, has decided not to make a firm bid for Europe's largest truck-mounted lift rental company, Lavendon Group plc.

Ashtead's initial joint approach with Belgian forklift giant TVH Services NV was rebuffed by the Lavendon board this month after the two proposed a cash offer of 115 pence (USD1.82) a share.

Andy Murphy, an analyst at Singer Capital Markets Ltd, told Bloomberg that 166 pence (USD2.62) would have been a much fairer price. "Lavendon is an attractive business and many of the risks people were talking about even six months ago have gone."

TVH made two approaches on its own to Lavendon last year but was turned down by the company. According to Bloomberg, the takeover panel ruled on 12 January that TVH had until 8 February to make a firm offer or withdraw its proposal.

"I'm delighted that this uncertainty has been removed," Lavendon chairman John Standen said in a statement regarding Ashtead's withdrawal. "We have a clear set of objectives to enhance shareholder value and Lavendon is very well-positioned."
Bidding on Lavendon intensifies
Bidding on Lavendon intensifies 26 Jan 2017 - Brussels, Belgium - 1 min read
Icahn bids for Oshkosh; CNH rebuffs Fiat entreaty 18 Oct 2012 - Oshkosh, WI, and Burr Ridge, IL, United States - 2 min read
Doosan takes over ATL 25 Sep 2008 - Seoul, Korea, Republic Of - 1 min read
Previously about:
Ashtead to pay USD1 billion for rental equipment company News Story - 27 Jul 2006 - SURREY, United Kingdom - 2 min read
Movers & Shakers News Story - 20 Jul 2006 - 1 min read
TVH plans to buy Dutch companies News Story - 24 Feb 2011 - Waregem, Belgium - 1 min read
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