TDG agrees Bidco takeover

Source: Stock Market Digital

Date :04/07/2008 15:25:46

The British logistics company has agreed to be bought by Laxey Partners-owned Bidco.

Confirmation of the £203 million deal pushed up shares in TDG plc today, July 4. As of 8:31am GMT, shares in TDG were up nine percent to 243.25p.

The bid for TDG equates to 250p per share, lower than Bidco’s initial bid of 275p. The adjusted bid comes after rival Wincanton pulled out of the race.

Despite being an 11 percent premium over its closing price, the bid falls short of TDG’s high of 320p achieved in May 2008.

Bidco are also involved in a related proposal which will see them buying all the shares in The Laxey Investment Trust plc (TLIT).