New Year Lavendon offer from TVH

TVH has increased its offer to buy Lavendon Group to 261 pence per share, one pence higher than Loxam’s offer last week, as well as investing in a further 5.9% of Lavendon stock.

The third revised offer from TVH values the entire share capital of Lavendon at approximately £444 million (US$544 million), while the additional 10,018,857 shares it has bought from Unicorn Asset Management Limited - which had previously agreed to the price - means TVH now owns 20.4% of Lavendon shares.

TVH has also said it is ready to immediately buy shares at its latest offer price from any Lavendon shareholders wishing to sell.

In response, Lavendon's board advised its shareholders to take no action regarding TVH's revised offer and said a further announcement will be issued.