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UPDATE 1-TVH Group says acceptance condition lowered on Lavendon deal
December 12, 2016 / 9:12 AM / a year ago

UPDATE 1-TVH Group says acceptance condition lowered on Lavendon deal

(Adds Lavendon response, shares)

Dec 12 (Reuters) - Belgian industrial equipment supplier TVH Group NV said it lowered its acceptance condition for the proposed 348 million pounds ($438.62 million) acquisition of UK’s Lavendon Group Plc, a provider of aerial work platforms.

* TVH Group, which had made its interest in Lavendon known on Nov. 22, said on Monday that it also received clearance from German regulatory authorities for the acquisition.

* Lavendon responded to TVH Group’s statement asking its shareholders not to take any action on the TVH offer as it was still in ongoing discussions with European industrial equipment supplier Loxam SAS on a possible cash offer.

* Loxam made a takeover approach to rival Lavendon Group on Nov. 28, setting the scene for a bid battle for the British firm which has provided aerial work platforms for Harry Potter films.

* TVH, which had offered 205 pence per Lavendon share, said on Monday that the terms of its offer had no material change. Loxam had not disclosed the value of its cash offer.

* TVH lowered its level of acceptance of Lavendon shares to 50 percent plus one Lavendon share, from 75 percent it set earlier.

* Lavendon shares were little changed at 224 pence per share at 0904 GMT on the London Stock Exchange. ($1 = 0.7934 pounds) (Reporting by Vidya L Nathan in Bengaluru; Editing by Amrutha Gayathri)

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