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Loxam raises offer for Lavendon to 442 mln stg
December 28, 2016 / 7:39 AM / a year ago

Loxam raises offer for Lavendon to 442 mln stg

Dec 28 (Reuters) - European industrial equipment supplier Loxam SAS raised its offer for UK’s Lavendon Group Plc on Wednesday to 442 million pounds ($542.86 million), in response to an increased bid by Belgian industrial equipment supplier TVH Group NV.

* Loxam offered 260 pence per Lavendon share, after TVH Group increased its offer to 251 pence and brought the offer value to 427 million pounds.

* TVH Group and Loxam have been locked in a bidding war for Lavendon, which has seen offers increasing from 205 pence per share, boosting its stock by about 85 percent since Nov. 22, when TVH first made public its interest in the British firm.

* Both companies are eyeing the British firm’s market share in equipment rental business in the UK and the Middle East.

* Lavendon rebuffed TVH’s first offer, citing concerns over execution risk and potential disruption to its business.

$1 = 0.8142 pounds Reporting by Vidya L Nathan in Bengaluru; Editing by Vyas Mohan

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