Friday May 9, 12:21 PM
TDG says Wincanton makes 281.25 pence/share offer for co, trumps Laxey's offer
LONDON (Thomson Financial) - TDG Plc (LSE: TDG.L - news) . said it has received an indicative cash offer of 281.25 pence per share for
the company from Wincanton Plc., which is 15 pence per share above the offer made by Laxey Partners.
TDG said Wincanton (LSE: WIN.L - news) has reserved the right, with the recommendation of TDG, to make an offer for TDG at a lower price and/or to vary the mix of payment specified.
TDG also said that it has made a 'good' start to the year, with trading in the first three months ahead of its previous expectations and 'well ahead' of the comparable period in 2007.
Consequently, TDG said it expects its first-half profits to be less weighted to the second quarter than was the case last year.
In a separate statement, Wincanton said it sees 'attractive opportunities to generate significant profit improvement' through cost-driven synergies and operational efficiencies and to create value through improved utilisation of the combined property portfolio.
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