The board of Lavendon Group will unanimously recommend its shareholders accept the increased offer from Loxam this week to acquire Lavendon for 260 pence per share.
It follows a recommendation from TVH Group, which is also bidding for Lavendon, that Lavendon shareholders take no action with regard to Loxam’s revised offer while it considers its options.
“The Board continues to advise that shareholders take no action with regard to the offer from TVH at this stage and a further announcement will be issued in due course,” said a Lavendon statement.
On 14 December, the boards of directors of Lavendon and Loxam announced that they had reached agreement on the terms of a recommended all cash offer for the entire share capital of Lavendon by Loxam.
On 15 December TVH announced an increased cash offer of 230 pence per share of Lavendon. On 16 December, the boards of Lavendon and Loxam recommended an increased offer from Loxam of 250 pence per share. On 23 December, TVH announced a second increased offer of 251 pence per share.