Lavendon Group rejects joint bid from TVH and Ashtead

Plant hire firm Lavendon has rejected an £185m approach from rivals Ashtead and Belgium-based TVH.

Under the offer the company would be broken up with Ashtead taking Lavendon’s UK operations and TVH acquiring the European and Middle Eastern parts of the business.

Lavendon said yesterday the 115p per share offer “is opportunistic and significantly undervalues the company” and its board unanimously rejected the interest.

An earlier £170m offer from TVH for the company was rejected in November.

Earlier this week the Takeover Panel gave TVH until the 8th February to make a firm bid for the firm.