PRINT THIS PAGE Laxey Partners acquires logistics business TDG for £203m08/07/2008. Source: AltAssets.
Laxey Partners has agreed to acquire the remaining shares in European supply chain management and logistics service providers TDG for approximately £203m. Laxey, through its acquisition vehicle Bidco, will pay 250 pence in cash for each TDG share, or 200 pence plus 6.625 Bidco shares for each TDG share. The deal represents a premium of approximately 14 per cent over the closing price of 219.25 pence per TDG share as of 26 June 2008, the day before TDG announced that it had reached agreement on the terms of a recommended cash offer at 250 pence.
As part of the transaction, Laxey is subscribing for up to £90m of shares in Bidco at ten pence per share.
Laxey currently holds or controls approximately 22 per cent of TDG shares. In May 2007, the firm acquired an initial 10.5 per cent stake, increasing it to 22 per cent in June 2007.
TDG's independent directors have unanimously recommended the deal to company shareholders.
Alex Paiusco, director, Bidco, said, 'We are excited about the prospect of working with TDG, its management team and employees in the next stage of development for one of the largest logistics businesses in Europe.
'We believe our cash offer represents good value for TDG shareholders but we also invite TDG shareholders to participate alongside us in TDG's next stage of development by accepting our alternative offer which includes a share component for which the process for admission to trading on AIM is ongoing,' he added.
TDG has over 7,000 employees and operations across the UK, Ireland, France, Germany, Spain, the Netherlands and Belgium. It has two divisions: contract logistics and chemicals. In the year ending December 2007, the company reported revenues of £669.5m.
Laxey manages assets and funds for institutional investors, comprising listed closed-end funds, hedge funds, real estate opportunity funds and private equity investments. The firm has net assets under management of approximately $1.7bn.
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