Battle for control of Lavendon reaches £444m mark

The battle for control of Leicestershire powered access rental provider Lavendon has continued to escalate.

TVH Group has bought a further 5.9% of Lavendon shares from Unicorn Asset Management while at the same time upping its offer for the company to 261p per share. The company now owns just over 20% of Lavendon and its increased offer values the Leicestershire company at £444m.

Its rival bidder, Loxam (which has been the Lavendon board’s preffered acquirer) said in an announcement to the London Stock Exchange: “The Board of Loxam notes the announcement issued earlier today by TVH Group of a revised cash offer for the entire issued and to be issued share capital of Lavendon.

“Loxam is considering its options and urges Lavendon Shareholders to take no action in support of the offer announced by TVH.

“A further announcement will be made in due course.”