TDG agrees Laxey Partners' offer

Logistics giant TDG says it has agreed a cash sale to private equity firm Laxey Partners at 250p per share.

According to TDG, Laxey also intends to make an alternative offer of 200p per share in cash "plus the opportunity for shareholders to participate in the equity of the acquisition vehicle to be established by Laxey and to be listed on AIM".

The private equity firm has secured the support of the TDG pension trustees, as well as reached agreement with the banks over its finance arrangements subject to final documentation being agreed.

However, TDG does add there is "no certainty" that an offer will be forthcoming.

The Takeover Panel has also agreed to extend the deadline for Laxey to formally make the offer to 4 July.