Belgian firm launches £348m hostile bid for Lavendon

Aaron Morby 6 years ago

Belgian materials handling firm TVH Group is making a £348m bid for Leicestershire rental powered access firm Lavendon.

The TVH Group wants to buy the firm to target its Middle East markets. It is the second time TVH has bid for Lavendon following an approach back in 2011.

Pascal Vanhalst, member of the executive board of TVH, said: “The acquisition of Lavendon would represent a significant step forward in the growth of our specialised rental activities.

“It would also bolster our geographical expansion strategy as TVH Equipment would become active in new markets such as the UK, the Middle East and France. With Lavendon’s vast rental know-how and focus on safety, the customers of the enlarged group would clearly benefit.

He added: “Our strong preference has always been to announce an offer with the full support of the board of Lavendon.

“TVH, Lavendon and our respective advisers worked together towards a firm offer announcement at a price of 200 pence per share in cash, which the board of Lavendon intended to recommend. Following discussions with certain shareholders, we increased our proposed offer price to 205 pence in cash.

“Despite the increase, the board of Lavendon withdrew its support on the grounds of concerns around deliverability of a scheme of arrangement. To address the Board’s concerns and secure its support, TVH proposed changing the structure to a contractual offer, however the Board of Lavendon continued to be unwilling to recommend the offer.

“TVH believes the offer fully values the company and its prospects and has therefore decided to release this firm offer announcement to allow Lavendon shareholders to decide on the merits of the offer.”

The board of Lavendon has advised shareholders to take no action.

Don Kenny, Lavendon’s Chief Executive, said: “The board is encouraged by the trading performance to date, and as a consequence of the favourable translational impact on our overseas earnings from the continuing weakness of Sterling, we expect the Group’s results to be marginally ahead of our original expectations for 2016.”

Latest plant news

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

20 new Longo Rhino excavators add to specialist's impressive fleet
4 months ago
Vac UK

Construction materials cost increases hit 40-year high

Steel and timber soar quickest with rises set to continue next year
9 months ago

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

Piling contractor commits to Green D+ fuel after big HS2 site trial
9 months ago

JCB targets first hydrogen diggers by end of 2022

Plant giant is investing £100m in developing super-efficient hydrogen engines
10 months ago

House builder backs plant warning cameras on all sites

Countryside commits to AI proximity warning cameras on all site telehandlers
1 year ago

Police launch specialist plant theft busting unit

ACE unit will focus on tackling organised plant theft gangs
1 year ago

On-board breaker takes suction excavator to new level

Specialist manufacturer cracks problem with world first design innovation
1 year ago

Construction plant shortages start to bite

Smaller excavator delivery dates being pushed to 2022
1 year ago

Laing O’Rourke joins switch to electric cars

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

JCB to hire 400 agency workers in production push

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

Strong trading lifts hirer P Flannery revenue to £116m

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

Plant hire firm plans £33.8m tourism development

Perthshire site will see construction of hotel, lodges and transport museum
2 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
2 years ago

Wernick acquires Robert Purvis Plant Hire’s portable accommodation fleet

Wernick boosts presence in Scotland
2 years ago

Plant hirer fined £220k after crane nearly hits apprentice

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

JCB launches electric telehandler and dumper

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

City Hire expands guaranteed tool hire service

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

Three sisters set-up plant hire business

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

Fox Bros snaps up north west hirer Clive Hurt

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

Speedy trials electric taxis as tool delivery vans

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

Major plant hirer Vp sees revenues rebound

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

Flannery trials first electric tele at HS2 site

Skanska Costain Strabag JV to roll out more machines across HS2
2 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
2 years ago

JCB powers up first hydrogen fuelled digger

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

Self driving plant to be standard on road jobs by 2035

Highways England launches 15-year plan for a 'digital revolution'
2 years ago

JCB switches to online sales for first time

Micro, mini excavators and one tonne dumpers can now be bought online
2 years ago

JCB plans to cut 950 jobs

JCB chief warns furlough scheme was never going to be enough to cope with demand halving
2 years ago

New trainee plant operator scheme ready to launch

Industry and client-led apprenticeship will help to train next generation of operators
2 years ago

JCB resumes production at five UK factories

Thermal imaging cameras to be used in factories to ID workers with fevers
2 years ago

Plant theft soars as construction sites close

Thieves taking advantage of coronavirus impact to steal site equipment
2 years ago

Contractor services