Lavendon snubs Ashtead bid

Grant Prior 13 years ago
Share

Lavendon has turned down a bid approach from plant rental giant Ashtead.

Ashtead – which operates as A-Plant in the UK – confirmed the approach in a Stock Exchange announcement this morning.

Ashtead has made a joint approach for Lavendon with Belgian forklift giant TVH Services.

TVH made an approach on its own to Lavendon last month which was rebuffed by the firm.

TVH has now joined forces with Ashtead and this morning’s statement said: “The Boards of Ashtead Group and TVH Services N.V. announce that on 12 January 2011 they made a joint approach to the Board of Lavendon Group with a view to making a recommended cash offer for the entire issued and to be issued share capital of Lavendon at 115 pence per share.

“The Joint Acquirers have agreed that in the event that a successful bid completes, Ashtead will acquire the UK businesses and operations of Lavendon and TVH will acquire the remaining parts of the Lavendon Group (Europe and the Middle East).

“The cash consideration will be split by the Joint Acquirers in the proportion 47.5 per cent. : 52.5 per cent. between Ashtead and TVH respectively.”

Lavendon’s response said: “The Board believes that the approach from Ashtead and TVH is opportunistic and significantly undervalues the Company. Accordingly, the Board has no hesitation in unanimously rejecting the proposal.”

Latest plant news

Plant sales slumped 29% in final quarter of last year

Excavator sales hardest hit by downturn
3 weeks ago

Lower Thames Crossing to lead switch to hydrogen fuelled plant

National Highways commits to remove 66 million litres of diesel on tunnel job
8 months ago

World’s first hydrogen-electric powered access platform

Speedy Hire and Niftylift pioneer zero carbon MEWP
8 months ago

JCB launches all-day operation electric site loader

Compact loader promises productivity matching 403 diesel model
9 months ago

Barhale fits digital ‘thumbs up’ safety signs to diggers

Digital AI safety feature tells workers when safe to approach plant on site
11 months ago

Hydrogen-powered backhoes approved to drive on roads

Government approves use of hydrogen-fueled diggers on public highways.
1 year ago

Vac UK puts in another giant order for £10m of machines

20 new Longo Rhino excavators add to specialist's impressive fleet
2 years ago
Vac UK

Construction materials cost increases hit 40-year high

Steel and timber soar quickest with rises set to continue next year
2 years ago

Cementation Skanska switches all large-scale plant to bio-fuel

Piling contractor commits to Green D+ fuel after big HS2 site trial
2 years ago

JCB targets first hydrogen diggers by end of 2022

Plant giant is investing £100m in developing super-efficient hydrogen engines
2 years ago

House builder backs plant warning cameras on all sites

Countryside commits to AI proximity warning cameras on all site telehandlers
3 years ago

Police launch specialist plant theft busting unit

ACE unit will focus on tackling organised plant theft gangs
3 years ago

On-board breaker takes suction excavator to new level

Specialist manufacturer cracks problem with world first design innovation
3 years ago

Construction plant shortages start to bite

Smaller excavator delivery dates being pushed to 2022
3 years ago

Laing O’Rourke joins switch to electric cars

Plan to transition 1,000-car fleet to all-electric by 2025
3 years ago

JCB to hire 400 agency workers in production push

Demand for machines has rebounded sharply in Europe and North America
3 years ago

Strong trading lifts hirer P Flannery revenue to £116m

Revenue soars to record high for fast-growing plant hirer
3 years ago

Plant hire firm plans £33.8m tourism development

Perthshire site will see construction of hotel, lodges and transport museum
3 years ago

New pothole machine delivers road repairs four times faster

JCB Pothole Pro machine can repair a pothole in under eight minutes and at half the cost of a road gang
3 years ago

Wernick acquires Robert Purvis Plant Hire’s portable accommodation fleet

Wernick boosts presence in Scotland
3 years ago

Plant hirer fined £220k after crane nearly hits apprentice

Court hears how apprentice forced to leap for his life
3 years ago

JCB launches electric telehandler and dumper

Stand-alone rapid charger unit also unveiled to support E-Tech range
3 years ago

City Hire expands guaranteed tool hire service

Equipment delivery time guarantee extended beyond London
3 years ago
City Hire

Three sisters set-up plant hire business

Finnegan sisters buy first kit after securing funding deal
3 years ago

Fox Bros snaps up north west hirer Clive Hurt

North West haulier and earthworks contractor now on the hunt for bigger jobs
3 years ago

Speedy trials electric taxis as tool delivery vans

Converted red taxicabs can carry two pallets up to 800kg
3 years ago

Major plant hirer Vp sees revenues rebound

Hire revenues back to 80% of pre-Covid level
4 years ago

Flannery trials first electric tele at HS2 site

Skanska Costain Strabag JV to roll out more machines across HS2
4 years ago

Tower crane lifts end long climb to work for operators

Laing O'Rourke trials mast climbing lifts for tower crane operators at London site
4 years ago

JCB powers up first hydrogen fuelled digger

JCB in race to lead the world on hydrogen-powered plant
4 years ago

Contractor services