French equipment rental service Loxam has offered 970 million euros to acquire Finnish-owned Ramirent, which also provides machinery and tools for hire. The bid cited a price of nine euros per share, nearly double the 5.44-euro value Ramirent has on the Helsinki Stock Exchange.
"The price offered by Loxam presents an attractive cash premium to our shareholders. With a history of making acquisitions and integrating companies, I believe Loxam offers a good home for Ramirent," Ulf Lundahl, Ramirent's board chair, said in a press release.
Loxam is Europe's largest equipment rental company, with over 700 branches in 13 countries. The company posted revenue of 1.48 billion euros in 2108, and has more than 8,000 employees.
Ramirent Group's turnover last year was more than 700 million euros. The Finnish company was founded in 1955, employs around 2,900 people and operates in nine countries.
"The combination of Ramirent and Loxam represents a unique opportunity to build a truly pan-European leader in the equipment rental market. Loxam has known, followed and highly regarded Ramirent for a number of years, and appreciates its experienced management team and employees, as well as its strong positions in all the markets where it operates," said Gérard Déprez, president and CEO of Loxam.