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ahead of tax change
Page 7
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Going for the juggler as Laxey makes TOG offer
TOG has received a £222m cash takeover offer from Laxey Partners, Laxey currently owns about
22% of TOG's share capital, but has offered 275p per share for the remaining stock.
Laxey chairman Preston Rabi says: "The company has a strong customer base, which we value highly, and we support the company's strategy."
TOG would only confirm it had received an offer from Laxey Partners.
Mark O'Borniek, research director at Analytioa, says the move is part of the continuing trend of consolidation in the road haulage sector, adding that Laxey has a history of aggressive investment tactics. "It moves into companies it sees as undervalued and underperforming and initiates change. For a while now the market has perceived TOG as being undervalued."
David Pattison, senior partner at Plimsoll Publishing, says: "It's refreshing to see a reasonable. offer being made for a change after seeing so many over-inflated deals of late. We would value the company at around E22m. The company has assets of Cl 74m which an investor could look to sell off to make some quick cash if a takeover does go through,"
• TOG reports a 9% increase in pre-tax profit to E,1 5.7m in the year to 31 December 2007. Turnover rose 26% to £669.5m.
Expect some job Losses, says DSV
DANISH GLOBAL logistics and supplychaincompanyDSV expects to make some redundancies after its purchase of Roadferry for an undisclosed sum.
Rene Olesen, UK managing director at DSV Road, says it is too early to say how many people will be affected.
On the purchase, he says: "We had talked about acquiring and Roadferry had been one of the names on the list. Then along comes the opportunity."
"Roadferry is one of the leading players in the UK in terms of volumes between the UK and Ireland, where DSV was a much smaller operation."
Roadferry will now operate under the DSV brand.