Loxam has received acceptance of its latest offer to buy Lavendon group from shareholders relating to more than 90% of shares, meaning that its aquisition of the company is now unconditional. It said the aquisition will help its ambition of growth in Europe and the rest of the world.
The valid acceptances of its 270 pence per share offer amount to 155,485,260 shares in Lavendon Group, representing approximately 91.5% of the existing issued share capital of the company.
As a result, Lavendon has applied for the delisting and the cancellation of admission to trading of Lavendon shares on the London Stock Exchange.
Loxam now intends to exercise its rights to acquire compulsorily, on the same terms as the offer, the remaining Lavendon shares.
The combination of Loxam and Lavendon creates the third largest global player in the powered access rental market, with a dedicated fleet of approximately 45000 units.
With a presence in 21 countries worldwide and combined revenues of more than €1.3 billion (£1.1 billion), Loxam said, this bolsters its leadership in the European equipment rental market and opens new opportunities to further develop its activities throughout Europe, in the Middle East, and in the rest of the world.
Gérard Déprez, President of Loxam said: “We are very happy to officially announce that our offer to acquire Lavendon has been successful.
"Lavendon is a leading business with longstanding and complementary positions and I am delighted that we will be joining forces going forward. This move is consistent with our strategy to build a geographically balanced business and increase our market share where we are already active.
"I am very much looking forward to working closely with the talented and experienced management team and employees of Lavendon to build together a reference player in our industry.”
Don Kenny, Lavendon Group CEO added: “This acquisition reflects the hard work and commitment of the Lavendon Group management and staff.
"Lavendon offers Loxam a strong and efficient engine for growth in the powered access market and I believe the combined strength of our two organizations will provide customers with a global network of professional expertise and experience.”