Laxey Partners given more time for TDG takeover
British logistics firm TDG plc today said it remains in takeover discussions with Laxey Partners Ltd. after the Isle of Man-based investment group was granted a “put up or shut up” extension by the United Kingdom’s Takeover Panel.
Laxey, which already owns about 22 percent of TDG’s issued share capital, in February made an indicative offer of '2.75 per share. It now has until 5 p.m. on June 27 to make a firm bid.
“There can be no certainty that an offer will be forthcoming. Laxey has reserved the right to lower its previously announced indicative price if it were recommended by the board,” TDG said in a statement to the London Stock Exchange.
U.K. logistics service provider Wincanton last Tuesday pulled out of the race for TDG ahead of the Takeover Panel’s original June 20 deadline for firm offers. As a consequence TDG’s share price dropped steeply and closed Friday at 212.75 pence, although today’s news saw it rebound 3.4 percent to '2.20 at 1.09 p.m.