News

Logistics company Wincanton said today (17 June) that it will not be making an offer for logistics firm TDG after carrying out more than a month of due diligence.

Wincanton announced on 9 May that it had approached the board of TDG with an indicative cash offer of 281.25p per share.

However, in a statement it said: "Wincanton has concluded that it is not in the best interests of Wincanton shareholders to proceed with an offer for TDG and has informed the TDG board of this decision."

TDG also received an approach from offshore investment group Laxey Partners, which already owns around 22% of TDG's issued share capital, for 275p per share. The approach has yet to become a firm offer.

TDG, which offers contract packing services, reported a pre-tax profit of £15.8m in 2007. It employs 7,000 staff in the UK, Ireland, Germany, Spain, Holland and Belgium.