Lavendon snubs Ashtead bid

Grant Prior 12 years ago
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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.”

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