Lavendon given a lift as Loxam raises bid again

The bidding battle for Lavendon hotted up today as France’s Loxam, the frontrunner to buy the cherry picker firm, raised the stakes again to fend off its rival suitor.

Loxam raised its bid for the third time, offering 270p per share or £459 million and trumping Belgian outfit TVH’s latest offer of 261p. Loxam’s bid is recommended by the board.

It said its latest offer had the backing of M&G, which, with just less than 19%, is Lavendon’s second-largest shareholder. The largest is TVH, which has increased its holding in recent weeks to more than 20%.

In an unusual move, Loxam even offered to buy investors’ shares on the market via Deutsche Bank to tighten its grip on the company.

Shares in Lavendon rose again today, up 10.25p, or 4%, at 275.5p, suggesting investors expect TVH to come back with a higher offer.