TVH Group subsidiary Libra Bidco today acquired 15,373,908 Lavendon shares, approximately 9.0% of the share capital, at 202p per share following 22 November's announcement of a final cash offer for Lavendon of 205p apiece.
TVH said 7,600,000 of these shares were acquired from GVQ Investment Funds (Dublin) PLC, from which Libra Bidco had previously received irrevocable undertakings to accept the Offer in respect of 10,950,130 Lavendon shares.
Following the acquisition, 3,350,130 Lavendon shares held by GVQ Investment Funds (Dublin) PLC remain subject to the irrevocable undertaking.
Libra Bidco therefore has, in aggregate, irrevocable undertakings to accept the offer in respect of approximately 7.9% of the share capital of Lavendon in issue as at 21 November 2016. In aggregate, Libra Bidco has therefore acquired or received irrevocable undertakings to accept the Offer from Lavendon shareholders in respect of approximately 16.9% of the share capital of Lavendon in issue as at 21 November. The offer is subject to an acceptance condition of 75% but this may be waived down to a lesser percentage as TVH may decide, not being less than 50% plus one share.
(LON:LVD) Lavendon Group PLC share price was +10.13p at 205.13p