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Wincanton cash bid to woo TOG shareholders
Page 6
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By Chris Tindall W1NCANTON HAS approached TDG with an indicative cash offer worth 281.25 pence per share, 15% higher than the offer by hedge fund management firm Laxey Partners in February.
The European logistics company also says its offer is 22% higher than TDG's closing share price on 8 May, and it believes the bid will prove attractive to shareholders.
Wincanton adds that it has undertaken preliminary due diligence since its approach on 14 April, and that this supports the view it should continue exploring a combination of the two businesses.
A statement from the company says: "Wincanton believes there may be attractive opportunities to generate profit improvement through both cost-driven synergies and operational efficiencies, and to create value through improved utilisation of the combined property portfolio. A formal offer would be subject to the recommendation of the board of TDG and support from TDG's major shareholders."
Announcing the group's interim management statement, chairman Charles Mackay says the situation has constrained its ability to make earnings-enhancing acquisitions. Responding to the offers, Mackay says it will -seek to agree with Laxey Partners, Wincanton and the takeover panel a timetable in which each party must either announce a firm intention to make an offer for TDG or announce it does not intend to make an offer".
• TDG says trading in the first three months of 2008 was ahead of expectations and ahead of the corresponding period in 2007.