Ashtead sets sights on Lavendon
Rental plant hirer Ashtead has made a bid to take over Lutterworth-based rival Lavendon. Ashtead launched the bid alongside Dutch forklift company TVH through the London Stock Exchange this morning.
London-based Ashtead operates as A Plant in the UK.
TVH had previously launched a solo proposal to take over the company, which was rejected by Lavendon in December last year.
This morning’s bid stated: “The boards of Ashtead and TVH announce that on 12 January 2011 they made a joint approach to the board of Lavendon with a view to making a recommended cash offer for the entire issued and to be issued share capital of Lavendon at 115 pence per share”.
In a joint statement, Ashtead and TVH said that they would not make an offer at a price “either higher or lower than 115 pence per share” without the agreement of the Lavendon board.
