Loxam ups bid for Lavendon to £459m
The fierce battle for control of Leicestershire powered access provider Lavendon has entered a new phase, with one its suitors upping its bid for a third time.
Loxam has tabled a bid of 270p per share, valuing the company at £459m.
The move comes after rival bidder TVH Group upped its bid at to 261p per share at the start of the month.
The rivals have been slugging it out for some months now, with French firm Loxam appearing to be the Lavendon board’s preferred bidder.
Meanwhile, TVH issued the following statement this morning (January 18): “TVH is considering its options and urges Lavendon Shareholders to take no action in response to the announcement by Loxam.
“A further announcement will be made in due course.”
Last week, Lavendon said it expects revenues across the business to up by 8% on 2015’s figure, with the biggest region of growth the Middle East.
Don Kenny, chief executive, said: “The Group has delivered a strong performance in 2016 with growth in revenues driving increased profitability and margins. As a consequence, the Board now expects the Group’s results for 2016 to be ahead of its expectations.
“As we move into 2017, whilst recognising the uncertainty in the macroeconomic outlook, the Group is well placed to build on the momentum developed during the past few years and to make further progress in the year ahead.”