Thursday 18th Apr 2019 - Logistics & Supply Chain

Laxey makes offer for TDG

The Board of directors of TDG has confirmed that it has received an indicative cash offer at 275 pence per ordinary share for the issued and to be issued share capital of TDG (less the dividend declared today of 8.75 pence per share) from Laxey Partners Ltd.
Laxey’s preconditions to announcing a firm intention to make an offer are satisfactory due diligence, financing and TDG Board recommendation of the offer. Laxey has reserved the right to waive any or all of its preconditions.
Discussions are ongoing and there can be no certainty that the approach will result in a formal offer being made for the company even if the preconditions are waived or satisfied. Laxey has reserved the right to offer a lower price if it were to be recommended by the TDG Board.
Laxey owns approximately 22 per cent. of the issued share capital of TDG.
Preston Rabl, Chairman of Laxey, said today: ‘We have been investors in TDG for over a year and are excited about the opportunity to back TDG, its management team and employees. The company has a strong customer base, which we value highly, and we support the company’s strategy. We believe that our proposal is fair and attractive to shareholders, representing approximately a 29 per cent premium on the one month average and approximately a 34 per cent premium on the three months average share price’.

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