TDG agrees takeover deal with Laxey Partners

British logistics firm TDG on Friday said it has reached agreement with Laxey Partners Ltd. on the terms of a recommended cash offer for TDG at .50 ($5) per share.

Laxey also intends to make an alternative offer of ? ($4) per share in cash plus the opportunity for shareholders to participate in the equity of the acquisition vehicle to be established by Laxey and to be listed on AIM.

Laxey confirmed it has secured the support of the TDG pension trustees in respect of its proposals for the pension fund and reached agreement with its financing banks, in each case subject to agreeing final documentation.

The Takeover Panel has again extended the put up or shut up deadline for Laxey to make a firm bid for TDG to 5 p.m. July 4. 

Source: Americam Shipper