The road haulage company Wincanton said yesterday, June 17, that it has withdrawn its £228.6 million offer for TDG just days before the takeover deadline.
The Wiltshire-based logistics group, which manages Tesco's supply chain, said that the deal was “not in the best interests of shareholders”.
The news caused shares in TDG to fall 40p, or more than 15 percent, to 220p.
Bidders
Wincanton’s withdrawal now leaves the field open for Laxey Partners, the private equity and investment group, to proceed with its £229 million bid for TDG, 15p lower than Wincanton's indicative cash offer.
Laxey, which operates as a hedge fund, currently owns 22 percent of TDG shares which it bought last year via contracts for difference and the open market.
Last week, the Takeover Panel said the two potential bidders must make a firm offer by Friday evening or walk away.
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