Belgian industrial equipment supplier TVH Group this week proposed to buy U.K. rental firm Lavendon Group, making an offer worth £348 million (about U.S. $434 million), according to U.K. news reports. However Lavendon’s board has urged shareholders to take no action at this time. TVH Group said today, Nov. 25, that it has obtained a stake of about 9 percent of the Lavendon Group, which is listed on the London stock exchange.
Lavendon has branches in several European countries and the Middle East. TVH said the acquisition would enable it to expand, particularly in France, the U.K. and the Middle East. TVH made an unsolicited offer for Lavendon in August, which was rejected. Lavendon’s major shareholders are not unanimously in support of a deal. Lavendon officials said the company is in “robust health, well-positioned across diverse geographic markets, with strong revenue growth, profits, cash flow and ROCE and a clear strategic direction to deliver substantial shareholder value over the medium term.”