Wincanton backs away from TDG bid
Two months after setting the sat-nav for a takeover of rival TDG, Britain's second-biggest trucking firm, Wincanton, today slammed on the brakes and went into reverse.
Reverse gear: Wincanton have pulled out of their TDG takeover
Wincanton, had said it was on the road to a £229m offer for TDG. Citing 'operational overlap and complementary sector and geographic coverage', it said it would be prepared to offer 290p a share for TDG including its proposed 8.75p dividend.
Last month, however, Wincanton warned it would only go ahead if a due diligence investigation of TDG's books found 'attractive opportunities to generate significant profit improvement through cost-driven synergies and operational efficiencies'.
That it obviously did not find, for today Wincanton put out a brusque statement to the Stock Exchange saying: 'Wincanton has concluded it is not in the best interests of Wincanton shareholders to proceed with an offer.'
A deal had been regarded as a logical extension of consolidation in the UK and European logistics industry which has seen Christian Salvesen fall to French raiders and Exel take over Tibbett & Britten before itself falling to Deutsche Post.
TDG is now left with an offer of 275p a share, including the divi, from 22% shareholder Laxey Partners, the activist investment group. Laxey had no immediate comment.
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