Posted on 22/02/2017 by Lee Hiskett
An unconditional offer for Lavendon by Loxham was made on 14th Feb resulting in Lavendon applying for a delisting and a cancellation of admission to trading of Lavendon shares on the London Stock Exchange.
Loxham has now recieved acceptances on 90% of the shares and is looking to exercise it's rights to acquire the remaining Lavendon shares at the term price of 270 pence per share.
Lavendon and Loxam combined (along with Nationwide Platforms) will now be the third largest global player in the powered access rental market boasting a fleet of 45,000 units.
Loxam's president was said to be happy to officially anounce the acquisition of Lavendon as it is aligned with their current strategy and will increase their market share in an area where they are already active.
Lavendon CEO added "This acquisition reflects the hard work and commitment of the Lavendon Group management and staff. Lavendon offers Loxam a strong and efficient engine for growth in the powered access market and I believe the combined strength of our two organisations will provide customers with a global network of professional expertise and experience"