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Wincanton U-turn on TDG

Created:
18 June 2008
Written by:
Nathalie Olof-Ors

Logistics group Wincanton has dropped its £228.6m cash offer for rival TDG, saying a deal would not be in its shareholders' best interests. The group did not specify whether its decision was motivated by integration concerns or fund-raising issues.

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Shares in TDG, previously approached by activist hedge fund Laxey Partners, lost 14 per cent.

More share tips and updates...

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SHARE TIP UPDATE:

Buy

Wincanton's investors were concerned that the deal would increase debt substantially, or force the company to raise cash. Removing this uncertainty should help the shares recover some of the losses they've sustained since our first buy recommendation (388p, 16 Nov 2007). Buy at 315p.

TDG: Sit tight, 260p, 2 Mar 2008

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