Nov 28 (Reuters) - Loxam SAS, a European industrial equipment rental firm, has made a preliminary cash approach to buy Lavendon Group Plc, a British aerial work platform rental firm, it said on Monday. The move lays the grounds for a takeover battle with Belgian equipment supplier TVH Group, which proposed last week to buy Lavendon in a potential deal worth 348 million pounds ($435 million). Loxam urged Lavendon shareholders not to take any action in support of TVH’s offer as it was in talks with Lavendon over its potential offer, it said. It did not give the value of its offer. Lavendon also advised its shareholders last week to take no action on TVH’s 205 pence per share recommended offer, citing concerns over execution risk and potential disruption to its business. Lavendon said it had received an unsolicited approach from TVH after its half-year results in August. Hedge funds firms Sand Grove Capital Management and MVN Asset Management increased shares in Lavendon after TVH’s announcement. $1 = 0.8000 pounds Reporting by Esha Vaish in Bengaluru and Maiya Keidan in London; editing by Susan Thomas
Industrial equipment rental firm Loxam has made a preliminary cash offer to buy Lavendon , a British aerial work platform rental company . The move will spark takeover talks with Belgian equipment supplier TVH , who tabled a deal last week to buy Lavendon for £ 348 m . Loxam said it had asked Lavendon shareholders not to take action supporting TVH 's offer as it was in talks with Lavendon regarding its own . It also asked its shareholders to take no action on TVH 's offer , due to concerns over execution risk and potential business disruption . Loxam did not disclose the value of its offer .