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Wincanton admits to TDG bid approach

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Date: Friday 09 May 2008

LONDON (ShareCast) - Logistics firm Wincanton has confirmed an approach for smaller rival TDG worth around £229m in cash, or almost £236m if the dividend is included.

Wincanton said it had made an indicative cash offer for TDG at 281.25p per share, equivalent to 290p when the 8.75p a share dividend is counted, on 14 April.

The latest offer tops a previous bid approach from 22% shareholder Laxey Partners worth 275p per share cash, which includes the latest dividend. Laxey has completed due diligence.

Wincanton’s indicative offer represents a premium of around 22% to TDG's closing share price last night.

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