UK-based European logistics operator TDG has confirmed that it has reached agreement with private equity company Laxey Partners Ltd on the terms of a recommended cash offer for the business. Laxey's offer amounts to £2.50 per share, substantially less than was originally expected.
It has also been also revealed that Laxey intends to make an alternative offer of £2.00 per share in cash plus the opportunity for shareholders to participate in the equity of the acquisition vehicle to be established by Laxey and to be listed on the AIM stock exchange in London.
Laxey confirmed that it had secured the support of the TDG pension trustees and reached agreement with its financing banks. The alternative offer must be submitted by July 4, 2008, at the latest.
It was back in February that Laxey, already a 22% shareholder, first made an indicative offer of £2.75 per share for TDG. Then in May, another UK-based European logistics group, Wincanton, announced that it had approached the board of TDG with an indicative cash offer of £2.8125 pence per share. However, in June the rival logistics company pulled out, saying that a bid was not in the best interests of its shareholders.
It has also been also revealed that Laxey intends to make an alternative offer of £2.00 per share in cash plus the opportunity for shareholders to participate in the equity of the acquisition vehicle to be established by Laxey and to be listed on the AIM stock exchange in London.
Laxey confirmed that it had secured the support of the TDG pension trustees and reached agreement with its financing banks. The alternative offer must be submitted by July 4, 2008, at the latest.
It was back in February that Laxey, already a 22% shareholder, first made an indicative offer of £2.75 per share for TDG. Then in May, another UK-based European logistics group, Wincanton, announced that it had approached the board of TDG with an indicative cash offer of £2.8125 pence per share. However, in June the rival logistics company pulled out, saying that a bid was not in the best interests of its shareholders.
No comments:
Post a Comment