Belgium鈥檚 TVH increased its offer on 23rd December to 251 pence per share, outbidding Frech rival Loxam by just a penny and valuing the Lavendon business at 拢427m.
Loxam responded on 28th December by increasing its bid from 250 pence per share to 260 pence per share, valuing Lavendon at 拢442m.
Before bidding began, Lavendon鈥檚 share price was 139p.
In response to Loxam鈥檚 increased bid, TVH said it was considering its options.
Lavendon鈥檚 board has always preferred Lavendon as a suitor, rejecting every offer from TVH but approving Loxam鈥檚 initial 220p offer.
In a statement on 28th December it said: 鈥淭he board of Lavendon unanimously intends to recommend that Lavendon shareholders accept this increased Loxam offer and therefore continues to advise that Lavendon shareholders take no action with regard to the revised offer for the company announced by TVH on 23rd December 2016.鈥�
Lavendon styles itself as the European and Middle East market leader in the rental of powered access equipment. In the UK it trades as Nationwide Platforms.
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