Ashtead joins Belgian bid for Lavendon

13th Jan 2011 07:42

Equipment hire firm Ashtead Group has teamed up with Belgium's Thermote & Vanhalst in an attempt to buy powered aerial work platforms renter Lavendon.The pair propose paying 115p a share in cash for the company, a 45% premium to the price on 2 December when Lavendon first attracted bid interest, but only equivalent to last night's closing price.TVH Services, the principal holding company of forklift truck and aerial platforms firm Thermote & Vanhalst, has already had two stabs at winning over the UK firm. A best offer of 111p a share was rejected.If successful, Ashtead will take on Lavendon's UK business and pay 47.5% of the £189m cost, while TVH will make up the rest for the bits in Europe and the Middle East."The joint acquirers have no expectation of making an offer above 115p per share unless due diligence reveals a material improvement in Lavendon's financial position and prospects versus current market expectations," read a statement Thursday. "There can be no certainty that any offer will ultimately be made even if the pre-conditions are met."