Loxam’s Lavendon bid declared ‘unconditional’

Loxam’s proposed deal to acquire Lavendon Group has been declared unconditional by the board of both companies, following acceptances of more than 75% of Lavendon shares by its shareholders.

Loxam will now apply to the UK Listing Authority and the London Stock Exchange requesting the cancellation of the listing and trading of Lavendon’s shares.

At 3pm GMT on 14 February 2017, Loxam had received approximately 88.32% of existing issued share capital of Lavendon.

Lavendon has now urged any shareholders that haven’t yet accepted the third increased recommended offer to do so as soon as possible.

Loxam’s third offer of 270 pence per share came of 18 January and brings the deal up to £459 million (US$565 million) in total.

Loxam’s original bidding rivals TVH Group declared it would not make an increased offer following Loxam’s third bid, paving the way for Loxam to move to deal forward.