Friday 4th July 2008
Laxey makes TDG bid
Hedge fund manager Laxey Partners has reached an agreement with the board of transport and logistics specialist TDG Plc to buy the group.
Laxey’s offer for the business, which was made though its Isle of Man-incorporated subsidiary LIT Plc, has valued TDG at £203 million.
TDG’s shareholders have been offered 250p per share or a cash and share alternative for the 78 per cent of the company that Laxey does not already own.
The deal is being funded through a placing and by a £165 million package provided by Bank of Ireland’s Burdale Financial subsidiary.
TDG specialises in paper and packaging, chemicals, supply chain management and freight forwarding. The company has more than 7,000 employees in its operations in the UK, Ireland, France, Germany, Spain, the Netherlands and Belgium.
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