December 14, 2016 / 7:41 AM / a year ago

Loxam says reached agreement to buy Lavendon for about 374 mln stg

Dec 14 (Reuters) - European industrial equipment supplier Loxam SAS said it reached an agreement on the terms of its offer to buy UK’s Lavendon Group Plc, valuing the UK company at about 374 million pounds ($473.52 million).

Loxam, which had made its interest in Lavendon known in late November, offered 220 pence for each Lavendon share, just shy of the stock’s closing price of 220.50 pence on Tuesday.

Loxam is locked in a bidding war with Belgian industrial equipment supplier TVH Group NV, which offered 205 pence per Lavendon share, bringing the potential value of its offer to 348 million pounds. ($1 = 0.7898 pounds) (Reporting by Vidya L Nathan in Bengaluru, Editing by Sunil Nair)

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