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The Gap Partnership

TVH and Ashtead may enter sales negotiations with Lavendon

Ashtead and TVH have concluded sales negotiations with Lavendon with an offer of 115p per share to be tabled by the companies.

14 January 2011

Sales negotiations have been opened between plant hire firm Ashtead and powered areal work platforms provider Lavendon.

Belgium's TVH has joined forces with Ashtead and the two organisations are bidding for Lavendon's British business and operations throughout Europe and the Middle East.

The firms will make an offer of 115p per share, which is higher than an earlier bid put forward by TVH alone.

Under the terms of the new offer, a 45.6 per cent premium to Lavendon's closing share price on December 2nd 2010 was tabled.

TVH stands to gain 52.5 per cent of the cash consideration, while Ashtead will receive the remaining 47.5 per cent.

Earlier this week, Anglo-Australian fund management house Henderson Group confirmed a successful close to sales negotiations with investment company Gartmore, taking the combined estimated assets under management up to £78.1 billion at the end of 2010.

Gartmore shares will be purchased at a value of 92.1p and its share capital valued at approximately £335.3 million. 

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