Ashtead/TVH call off Lavendon bid

Ashtead Group and TVH will not make any further offer to acquire Lavendon Group.

In a joint statement they stated that a precondition of the offer was the approval of Lavendon's board. Since Lavendon's board unanimously rejected the offer Ashtead and TVH said they would not proceed with the takeover.

John Standen, Lavendon's chairman, said he was delighted that uncertainty had been removed; "We have a clear set of objectives to enhance shareholder value and Lavendon is very well positioned. With a strengthened board, supportive shareholders and the business review significantly progressed, we are looking forward to the future with confidence."

Ashtead and TVH said that as part of their memorandum of understanding neither company could approach Lavendon again before 18 October 2011 without the consent of the other.