TVH Group's third offer to buy Lavendon group earlier this year was its last.

The company raised its bid to 261 pence on 3 January, one pence higher than Loxam’s previous offer towards the end of December.

Since then, Loxam increased its offer, also for a third time, to 270 pence per share, bringing the value of the deal up £459 million (US$565 million).

Today, TVH said it would not make a further bid, effectively dropping out of the process and leaving the way clear for Loxam. "The third increased offer of 261 pence...is final and the offer price will not be increased."

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