Laxey Partners has been given until 27 June to make an offer for TDG by the City’s takeover panel.
The extension to the ‘put up or shut up’ deadline has been granted in order to give Laxey time to finalise the financing for its offer; to secure the support of the TDG pension trustees in respect of Laxey’s proposals for the pension fund; and to get a recommendation from the board of TDG.
The company has made it clear that there is no certainty that an offer will be forthcoming. Laxey has reserved the right to lower its previously announced indicative price if it were recommended by the board.
Last week, Wincanton announced that it would not be proceeding with a bid for TDG saying it did not think it was in the best interests of its shareholders.