IOMINVESTCOM
14 Dec 2016
Paul Scott's view [link]
IOMINVESTCOM
14 Dec 2016
TVH Sets Aside No Increase Statement Counter bid maybe...............14 December 2016TVH Sets Aside No Increase StatementTVH Group N.V. ("TVH"
notes the announcement by Loxam SAS ("Loxam" of a firm intention to make an offer for Lavendon Group plc ("Lavendon".TVH confirms that, pursuant to the terms of the Offer for Lavendon set out in the Offer Document published on 30 November 2016, the no increase statement regarding the offer price is no longer in effect and has been set aside.TVH is considering its options and urges Lavendon Shareholders to take no action in response to the announcement by Loxam. A further announcement will be made in due course.On 12 December 2016, TVH announced that the Bundeskartellamt, the German competition authority, has unconditionally cleared the potential acquisition of Lavendon by TVH and that Libra Bidco, pursuant to the terms of the Offer, has waived the acceptance condition to which the Offer is subject down from 75 per cent. to 50 per cent. plus one share.In accordance with Note 3 of Rule 32.2 of the City Code, TVH will send a notice to Lavendon Shareholders regarding the setting aside of the no increase statement and notifying any Lavendon Shareholders who have accepted the Offer that they have a right of withdrawal for a period of 8 days following the date of this announcement.Lavendon Shareholders wishing to withdraw their acceptance should send written notice (which can be a simple letter) to Computershare Investor Services PLC as the Receiving Agent at The Pavilion, Bridgwater Road, Bristol BS13 8AE by post or (during normal business hours) by hand. If you have any questions, please contact the Receiving Agent, Computershare Investor Services PLC between 8.30 a.m. and 5.30 p.m. (London time) Monday to Friday (except UK public holidays) on +44 (0)370 707 1092.Other than as set out in this announcement, TVH confirms that there have been no material changes to any of the matters listed in Rule 27.2(b) of the City Code since the publication of the Offer Document. The Offer Document and Form of Acceptance are available, subject to certain restrictions relating to persons resident in certain jurisdictions, on TVH's website at www.tvh.com. The contents of TVH's website are not incorporated into and do not form part of this announcement.
IOMINVESTCOM
14 Dec 2016
Loxam SAS Offer 14 December 2016RECOMMED CASH OFFERFORLAVON GROUP PLC ("LAVON" or the "Company"BYLOXAM SAS ("LOXAM" OR THE "OFFEROR"Summary-- The boards of directors of Lavendon and Loxam are pleased to announce that they have reached agreement on the terms of a recommended all cash offer for the entire issued and to be issued share capital of Lavendon by Loxam, to be implemented by way of a takeover offer under the City Code and within the meaning of Part 28 of the Companies Act 2006 (the "Offer".-- Under the terms of the Offer, Lavendon Shareholders will receive 220 pence in cash for each Lavendon Share, valuing the entire issued share capital of Lavendon at approximately GBP374.0 million. -- The Offer represents a premium of approximately: -- 58.3 per cent. to the Closing Price of 139.0 pence for each Lavendon Share on 21 November 2016 (being the last Business Day prior to the start of the Offer Period); and-- 67.6 per cent. to the volume-weighted price of 131.3 pence for each Lavendon Share for the twelve month period ended on 21 November 2016 (being the last Business Day prior to the start of the Offer Period).-- If, after the date of this Announcement, a dividend and/or other distribution and/or return of capital is announced, declared or paid in respect of the Lavendon Shares, Loxam reserves its right to reduce the offer consideration by an amount up to the amount of such dividend and/or distribution and/or return of capital so announced, declared or paid.-- Loxam has received irrevocable undertakings from each of the Lavendon Directors in respect of their own holdings being, in aggregate, 936,554 Lavendon Shares, representing approximately 0.55 per cent. of the issued share capital of Lavendon as at 13 December 2016 (being the last practicable date prior to the date of this Announcement). Further details of these irrevocable undertakings are set out in Appendix 3 to this Announcement.-- The Offer is not conditional on any antitrust or regulatory clearances. The Offer is conditional on, among other things, Loxam receiving valid acceptances in respect of, or otherwise acquiring or agreeing to acquire (whether pursuant to the Offer or otherwise), shares which constitute not less than 75 per cent. (or such lesser percentage as Loxam may decide, but not being less than 50 per cent. plus one share) in nominal value of the Lavendon Shares and represent not less than 75 per cent. (or such lesser percentage as Loxam may decide, but not being less than 50 per cent. plus one share) of the voting rights carried by the Lavendon Shares.-- Loxam is the largest equipment rental company in Europe, with EUR838 million of revenues generated in 2015. Loxam focuses primarily on the construction and civil engineering sectors, with approximately 5,000 employees and a network of 641 branches extending over 11 countries in Europe (France, Germany, the United Kingdom, Ireland, Belgium, Switzerland, Spain, Luxemburg, the Netherlands, Denmark and Norway), as well as in Morocco and Brazil.-- Lavendon is a public company incorporated in the United Kingdom and has been listed on the London Stock Exchange since 1996. Founded in 1992, Lavendon is the European and Middle Eastern market leader in the rental of powered access equipment. The Company's equipment enables users to work safely, productively and comfortably at height, whatever the application. From 70 depots in the UK, Continental Europe and the Middle East, Lavendon manages a fleet of over 21,000 access platform units.-- The combination of Lavendon and Loxam will anchor Loxam as the leading player in the aerial work platforms market in Europe and the third largest worldwide, and will also bolster Loxam's leadership in the European equipment rental market.-- Loxam believes that the combination with Lavendon represents a unique opportunity to combine the leading positions of the two groups in each of their markets, to create a
Eagerbeaver66
13 Dec 2016
Looking nervy People getting nervous about whatever Management will announce in tomorrow's update on the bid(s)?
Eagerbeaver66
05 Dec 2016
Re: Seaton takes profits in Lavendon bid tar... A curious sale? - If TVH were purchaser of the shares at above 205p then they would be obliged to increase their offer price, however if TVH were not the purchases then GVQ would have appear to have broken an irrevocable commitment? or did GVQ sell them at just 205p?I wonder what are the full details of the story?
IOMINVESTCOM
05 Dec 2016
Seaton takes profits in Lavendon bid target Seaton takes profits in Lavendon bid targetCitywire A-rated value veteran Jamie Seaton has locked in some of his recent gains on equipment hire business Lavendon (LVD.L) as a bid battle for the company begins to heat up.Seaton cut his holding in the stock from just under 11 million to 3.5 million shares, a 1.9% position worth £7.6 million at a price of 218p, up 55% since Belgian rival TVH put in a rejected cash bid at 205p.The shares are held in Seaton’s £391 million GVQ Focus Fund. GVQ was one of two leading investors in the company, alongside fund manager Unicorn, which TVH claimed had backed its takeover plans.The trade was declared ahead of this week’s entry of France’s Loxam, the largest machine hire business in Europe, into the competition with a cash counter-offer at an undisclosed price, however.Lavendon’s biggest shareholder, asset manager M&G, has yet to show its hand. Ahead of the approach, Peel Hunt lifted its guidance to a buy on an estimated fair value of 275p a share.[link]
Contrariwise
01 Dec 2016
Re: Sold I have sold half my position. Banked some profits, but kept half in case there is a higher counterbid. NIce to win one. Good luck everyone.
IOMINVESTCOM
30 Nov 2016
Re: Sold Well Done Gretel on banking your profits.Nothing wrong raising cash levels to put to work elsewhere.
gretel
30 Nov 2016
Sold Decided to sell and leave some for the next man. Good luck all, it's been extremely rewarding.That's 3 bids for me in the last couple of weeks or so with LVD, CRE and CHT. Hopefully more to come!
IOMINVESTCOM
29 Nov 2016
Paul Scott's view [link]
IOMINVESTCOM
28 Nov 2016
Re: Loxam SAS Possible cash offer Response to statement from Loxam SASThe Board of Lavendon (LSE: LVD) notes the announcement made by Loxam SAS ("Loxam" earlier today with regards to its possible interest in a cash offer for Lavendon.The Board continues to advise shareholders to take no action at this stage.This announcement has not been made with the agreement or approval of Loxam and there can be no certainty that an offer will be made nor as to the terms on which any offer might be made. Under Rule 2.6(d) of the City Code on Takeovers and Mergers, Loxam must by 5.00pm on the 53rd day following the publication of TVH Group N.V.'s ("TVH" initial offer document either announce a firm intention to make an offer to Lavendon or announce that it does not intend to make an offer for Lavendon.
IOMINVESTCOM
28 Nov 2016
Loxam SAS Possible cash offer 28 November 2016Possible cash offer for Lavendon Group plc ("Lavendon"Loxam SAS ("Loxam" announces that it has made a preliminary approach to Lavendon regarding a possible cash offer for Lavendon.Discussions with Lavendon are ongoing and there can be no certainty that any offer will be made, nor as to the terms of any such offer.Loxam urges Lavendon shareholders not to take any action in support of the offer announced by TVH Group N.V. on 22 November 2016.A further announcement will be made in due course
IOMINVESTCOM
22 Nov 2016
Paul Scott's view Great to see everyone at Mello Beckenham last night. Hopefully my presentation on Avesco (LON:AVS) was of interest. I've emailed the slides to PIWorld, who also filmed it, so will link to them once it's published.We discussed potential takeover targets last night at Mello, but one we didn't mention was Lavendon (LON:LVD) (in which I hold a long position) - which has this morning received a 205p cash bid from a Belgian company. Lavendon is my 3rd largest long position, and has been languishing around 120-140p for some time. Therefore this bid looks very attractive to me.However, management don't seem to agree, and they have rebutted the offer. That announcement also contains a positive trading update. That seems a mistake to me. Personally I would be very happy to accept 205p, because the market consistently undervalues this company.[link]
shovelier
22 Nov 2016
Re: Bid at Last @ 2.05 The obvious 3rd party would be Ashtead who bid before but that didn't succeed then so maybe once bitten twice shy. I think this should climb a bit more yet.....hopefully if they can get more shareholders on board.
IOMINVESTCOM
22 Nov 2016
Re: Bid at Last @ 2.05 Morning Gretel,your right.... a start...come on a third party....do not let them get purchase on the cheap. It sounds like a hostile bid could emerge especially with a third party thinking the offer is too cheap. Peel Hunt had a 2.75 price target.
