Laxey makes formal offer for TDG

Source: Supply Chain Digital

Date :08/07/2008 09:31:56

The investment firm has made a formal bid for TDG, valuing the logistics company at £203million.

Laxey Partners will pay 250 pence per share, 25 pence lower than the initial cash offer made in February.

The offer is four percent higher than the closing price per share on June 26.

Laxey has set up LIT, known as Bidco, to act as a vehicle to make the bid. Bidco will be traded on AIM.

Alternative offer

Under the agreement, shareholders will be able to opt for an alternative offer of 200 pence per share in cash, plus 6.625 Bidco shares for each TDG share.

Laxey plans to work with the existing management team of TDG to develop the company.

The firm said TDG’s property portfolio presents scope for long-term development.

Isle of Man-based Laxey already has a 22 percent stake in TDG.