Loxam and TVH sweeten bids for Lavendon

28th Dec 2016 11:37

(ShareCast News) - Loxam SAS has upped its offer Lavendon Group to 260p per share from 250p after rival bidder TVH Group sweetened its offer for the equipment rental company to 251p per share.Lavendon said on Wednesay that its board intends to unanimously recommend that shareholders accept the increased offer from Loxam and continued to advise its holders to take no action with regard to the revised offer for the company announced by Belgium's TVH on 23 December 2016.TVH's offer values the entire share capital of Lavendon as at 23 December at £442m and represents a premium of about 81% to the Lavendon closing price on 21 November, which was the last business day prior to the offer period.TVH said it is "considering its options" and urged Lavendon shareholders to take no action in response to the Loxam announcement.At 1153 GMT, Lavendon shares were up 2.4% to 263.75p.