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Loxam outbids TVH again….

Loxam has increased its offer for Lavendon to £2.60 a share, in response to TVH’s increased offer of £2.51 a share made late on Friday December 23rd.

The new offer is worth £488 million in cash which values the company at around almost £650 milion. TVH has yet to respond to the latest bid from Loxam, but Lavendon directors have confirmed that they continue to recommend the Loxam offer for the company and have pledged their equity - just over half a percent - to Loxam.

The formal Loxam announcement was made this morning and the new offer will be mailed in due course but the company says that it is ready to acquire Lavendon shares at the £2.60 rate. The share price this morning rose to just over £$2.61 a share- anticipating a TVH offer for £2.61 perhaps?