Lavendon Shares Plunge as Ashtead, TVH Say Won't Bid

Lavendon Group Plc, Europe's biggest rental company for truck-mounted lifts, fell the most in almost five months in London trading after Ashtead Group Plc and TVH Services NV said they won't make a takeover bid.

Ashtead, the third-largest U.S. and U.K. construction equipment-rental company, and TVH, its closely held Belgian counterpart, approached Lavendon on Jan. 12 seeking recommendation of a cash offer of 115 pence a share. The two companies said in a statement today that, because Lavendon refused to cooperate, they won't make a firm offer.

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