TDG has received a possible takeover bid from investment management company Laxey Partners.

On the eve of releasing its annual results, the TDG board of directors confirmed that it had received an indicative cash offer at 275p per share from Laxey, which already owns a 22% of the share capital of TDG.

Preston Rabl, chairman of Laxey said: “We have been investors in TDG for over a year and are excited about the opportunity to back TDG, its management team and employees. The company has a strong customer base, which we value highly, and we support the company’s strategy.

“We believe that our proposal is fair and attractive to shareholders.”

TDG said: “Discussions are ongoing and there can be no certainty that the approach will result in a formal offer being made.”

The process has now entered into a stage of due diligence.

Source IFW