Loxam’s Lavendon acquisition moves forward
By Joe Malone31 January 2017
A revised offer document and acceptance form will be posted to Lavendon shareholders today (31 January 2017), following Loxam’s latest bid of 270 pence per share to acquire Lavendon Group, the companies have announced.
Loxam said the revised offer document and the documents listed in paragraph 15 of section V of the revised offer document, will be made available on both companies’ websites.
The closing date of the third increased recommended offer, made in mid-January, will close at 13.00 GMT on 14 February 2017.
Loxam’s offer of 270 pence per share brings the deal up to 459 million (US$565 million) in total.
Loxam has also received a commitment from Lavendon shareholders to accept its offer in respect of 18.6% of shares, which will remain binding unless a competing offer at least 4% higher comes from a third party, or this latest offer lapses.
In addition, directors of Lavendon Group, who own shares, showed their support with a commitment to sell their shares to Loxam, representing 0.55% of shares. In total, Loxam now owns or has been promised 19.3% of Lavendon shares.
In a further attempt to close the deal, Loxam said it would now be prepared to accept ownership of 50%, plus one share, whereas before the offer was subject to it owning 75% of shares. Rothschild and Deutsche Bank, Loxam’s financial advisors, confirmed that sufficient resources were available to acquire the shares in full.