Lavendon Snubs £189M TVH, Ashtead Bid

Lavendon Group has rejected a takeover bid worth £189 million from Belgium’s TVH Services and U.K.’s Ashtead.

Lavendon Group has rejected a takeover bid worth £189 million from Belgium’s TVH Services and U.K.’s Ashtead, Reuters reports. The joint venture between Ashtead and TVH had offered to buy Lavendon for 115 pence a share.

The two had also planned to split the payments in the proportion 47.5% to 52.5%. The U.K. rental-equipment company had rebuffed TVH’s earlier bid in December 2010, as it felt the £183 million offer undervalued the company.

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