Bidding on Lavendon intensifies

News Story
- 26 Jan 2017 ( #805 ) - Brussels, Belgium
1 min read
Lavendon is a market leader in the rental of powered access equipment.
Lavendon is a market leader in the rental of powered access equipment.
By Luc de Smet
Belgian TVH and French Loxam are locked in a bidding battle over British Lavendon, a renter of cherry picker equipment with a turnover of some EUR290 million (USD311 million).

The contest began in November, 2016 and the last TVH offer of EUR524 million (USD562 million) was followed last week by a fourth counter-offer by Loxam, valuing Lavendon at EUR706 million (USD757 million). To get back into the running, TVH would have to offer at least 4% more - around 37% more than its November offer.

Lavendon has made it clear that it prefers a takeover by Loxam. Loxam has reached agreement with M&G Investment Management, Lavendon's largest shareholder, to acquire its 18.6% stake, while TVH already has an estimated 20% of Lavendon shares.

"Currently, our total rental fleet numbers nearly 25,000 machines," says Dominiek Valcke, CEO of TVH. "Adding Lavendon would lift that to nearly 47,000 units."

"The most important added value is that we would cover a larger market. Lavendon is (the) market leader in the UK and the Middle East.

"Future (prospects) for the rental market are positive. It is a growing market. That is why we are interested in Lavendon."

A possible acquisition would lift TVH's turnover by about a quarter to almost EUR1.5 billion (USD1.61 billion).

Lavendon is a client of TVH for spare parts.

This is the third time that TVH has moved on Lavendon. Earlier attempts in 2010 and 2011 failed.
Icahn bids for Oshkosh; CNH rebuffs Fiat entreaty 18 Oct 2012 - Oshkosh, WI, and Burr Ridge, IL, United States - 2 min read
Ashtead backs down on Lavendon bid
Ashtead backs down on Lavendon bid 27 Jan 2011 - Leatherhead - 1 min read
Doosan takes over ATL 25 Sep 2008 - Seoul, Korea, Republic Of - 1 min read
Previously about:
Loxam buys Portuguese hirer News Story - 12 Jan 2023 - Lorient, France - 1 min read
Movers & Shakers News Story - 4 Apr 2024 - 4 min read
Sustainability theme at TOC Europe News Story - 22 Jun 2023 - Rotterdam, Netherlands - 6 min read
Logimat: Attachment and accessory enhancements News Story - 18 May 2023 - Stuttgart, Germany - 8 min read
Do you have materials handling news? Submit your news here

“I really enjoy your newsletter and share the articles with all my training team for industry currency. I also print and display specific articles on forklift safety and accidents on our notice board for all the learners who attend our training courses to read...”

Gavin Trim - CEO, High Risk Work Licence Assessor, Mechanical Handling Equipment Specialist - Nationwide Training

Thanks Gavin for sharing your experience with Forkliftaction

Words of support …

Undoubtedly, peer experience plays a crucially important role in our industry and it is extremely valuable for us to be part of the platform, where industry professionals, as well as end users can discuss and learn more about the materials handling world.

Alexandra Artemova, Marketing Specialist - Rocla AGV Solutions

Are you recruiting? Find your ideal candidate among a diverse range of materials handling professionals:

Forkliftaction's JOB MARKET

CeMAT Australia is returning to the Melbourne Convention and Exhibition Centre on July 23 - 25, 2024.

Register for free and experience the leading global trade show for intralogistics, materials handling, and supply chain management, and familiarise yourself with the latest technology in your sector!

Register Now! 

Showcased in the Virtual Expo

Are you recruiting? Find your ideal candidate among a diverse range of materials handling professionals:

Forkliftaction's JOB MARKET

CeMAT Australia is returning to the Melbourne Convention and Exhibition Centre on July 23 - 25, 2024.

Register for free and experience the leading global trade show for intralogistics, materials handling, and supply chain management, and familiarise yourself with the latest technology in your sector!

Register Now!