UK - Laxey Partners acquires TDG in £203m deal

Laxey Partners holds s 22% stake in the business and will pay 250p per share for the remainder, which is 11% more than TDG's closing price on 26 February 2008. Shareholders will also be given the option, instead of accepting 250p, to receive 200p and 6.625 shares in the acquisition vehicle LIT Plc, which will be listed on AIM. Laxey will invest up to £90m in equity, depending on how many TDG shareholders decide to take LIT shares. A £165m debt package has been secured from Burdale Financial, a subsidiary of Bank of Ireland.

London-headquartered TDG employs more than 7,000 staff in seven countries and achieved pre-tax profits last year of £15.2m on revenues of £669.5m. At first, Laxey's offer was reported at 275p per share, or 266.25p after adjusting for the final dividend. In May 2008, Wincanton joined the race with a 281.25p per share offer, which it withdrew a month later.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Buyouts
• UK / Ireland