News

Laxey Partners has been given an extra week to table a bid for logistics firm TDG.

The Takeover Panel has moved the offer deadline from June 20 to June 27 to give the private equity firm a chance to finalise its financial arrangements, secure the support  of the TDG pension trustees in respect of its proposals for the pension fund, and to get a recommendation from the TDG board.

Laxey - which owns about 22% of TDG's issued share capital - has made an indicative cash offer of 275p per TDG share.

TDG says it remains in "continuing discussions" with Laxey and adds in a statement: "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."

Last week, Wincanton abandoned its potential £233m bid for TDG, saying it would not be "in the best interests of its shareholders".

Wincanton had considered making an indicative cash offer for TDG at 281.25p per ordinary share, or 290p when an 8.75p dividend was included.

A statement from Wincanton says its preliminary  due diligence for a possible TDG bid had focused on a "number of areas" and on reviewing a combination of the findings, the decision was taken not to proceed.

It adds: "Unfortunately we're unable to comment specifically on our reasons why we decided against an offer for TDG as we are bound by a confidentiality agreement."

Laxey was unavailable for comment at the time of writing.