A major bidding war is ongoing between TVH and Loxam on who will takeover powered access specialist Lavendon.
Last month, Belgian firm TVH offered 205p-per-share for Lavendon, valuing the company at £348 million. It was rejected by the Lavendon Board. However, a 220p-a-share offer from French rental company Loxam was accepted.
Yesterday, TVH announced an improved bid of 230-pence-per-share, taking Lavendon's value to £391m.
However today, 16 December, Loxam hit back with an offer of 250p-per-share, raising the Group's overall value to £425m.
It is understood TVH are considering their options and urged Lavendon Shareholders to take no action.
(LM/MH)
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