Ashtead confirmed to the City this morning that it will not be pressing ahead with a firm bid after an initial joint approach last week with Belgian forklift giant TVH Services was rebuffed by the Lavendon board.
TVH made an approach on its own to Lavendon last month which was also turned down by the firm.
John Standen, Lavendon’s Chairman, said: “I’m delighted that this uncertainty has been removed. We have a clear set of objectives to enhance shareholder value and Lavendon is very well positioned.
“With a strengthened Board, supportive shareholders and the business review significantly progressed, we are looking forward to the future with confidence.”