UPDATE 1-Laxey agrees to buy UK's TDG for $403 mln

(Adds details, shares)

LONDON, July 4 (Reuters) - British logistics and supply chain firm TDG plc TDG.L agreed on Friday to be bought by hedge fund Laxey Partners for 203 million pounds ($403.1 million), boosting its shares.

Laxey's offer of 250 pence in cash for each TDG share is lower than its initial bid of 275 pence in February and comes after rival bidder, British supply chain group Wincanton (WIN.L), pulled out of the race last month.

TDG said the offer is an 11 percent premium over the closing price of 225.5 pence per TDG share on Feb. 26 the last dealing day before talks between TDG and Laxey were announced.

Laxey, which already controls about 22 percent of TDG, plans to help it develop its property portfolio, TDG said.

TDG shares rose 9 percent to 243 pence at 0725 GMT.

Laxey is a global value investor which manages assets and funds for institutional investors including in listed closed-end funds, hedge funds, real estate opportunity funds and private equity investments. At end-December it had net assets under management of about $1.7 billion.

TDG shareholders can also receive 200 pence in cash plus 6.625 shares in a company formed by Laxey to facilitate the deal for each TDG share.

TDG reported pretax profit of 15.8 million pounds ($31.37 million) on revenue of 669.5 million pounds in 2007, with net assets of 171 million pounds.

Half-year trading to end-June was ahead of previous expectations and well ahead of the comparable period in 2007, TDG said last month. (Reporting by Hsu Chuang Khoo; Editing by Erica Billingham)