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Loxam agrees £374m deal for Lavendon

14 December 2016 08:12

Loxam has agreed a 220p per share cash offer for Lavendon which values the group at around £374.0m.

The recommended offer represents a premium of approximately 58.3% to the closing price of 139.0p on 21 November, the last business day prior to the start of the offer period, and 67.6% to the volume-weighted price of 131.3p for the twelve month period ended on 21 November.

Loxam president Gerard Deprez said: "The combination of Lavendon and Loxam represents a unique opportunity to build an unrivalled leader in the European aerial work platforms rental market. Loxam has followed Lavendon for a number of years and has been impressed by its management team and the numerous leadership positions it now holds in several markets.

"The acquisition of Lavendon is consistent with Loxam's strategy to build a geographically diversified business, increase its market shares in countries where the group is already present, and further develop in specialised areas, such as aerial work platforms. The two groups are highly complementary in Europe, and Lavendon's Middle Eastern business will provide the combined entity with opportunities in growing markets.

"The discussions with the Board of Lavendon have been very constructive, and Loxam has always had the objective to obtain the full support of Lavendon's Board. Loxam is looking forward to working with the Lavendon team and continuing to build a successful business."

Lavendon chairman John Standen said: "Lavendon is a company in robust health, uniquely positioned across diverse geographic markets, with strong revenue growth, cash flow and ROCE.

"In reaching its decision, the Lavendon Board has considered in great detail the best interests of all shareholders and the Company as a whole. We believe that Loxam's all-cash offer provides Lavendon's shareholders with an opportunity to realise significant value at an attractive premium to the pre-offer period share price, whilst securing early delivery of the Lavendon Group's potential against a backdrop of increased economic uncertainty. This is why the Lavendon Directors unanimously intend to recommend Loxam's offer.

"Loxam is the largest equipment rental company in Europe with a strong management team who share our belief in the strengths of our people and our growth drivers. We are confident that they are the right partner to take Lavendon to the next chapter of its growth story."

At 8:12am: (LON:LVD) Lavendon Group PLC share price was +10.38p at 230.88p

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