Mayflower's Dennis bid imminent

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The Independent Online
Mayflower's Dennis bid imminent

MAYFLOWER, the acquisitive car components group headed by John Simpson, is poised to table its pounds 252m cash bid for the fire engine and bus manufacturer Dennis, possibly as early as today. Weekend reports indicated that Volvo of Sweden was considering entering the bid battle but it could face competition hurdles.

A combination of Dennis and Volvo would control up to 80 per cent of the bus chassis market in the UK. One possibility is that Volvo could back the existing agreed offer for Dennis from Henleys, perhaps taking a minority stake. The Henleys offer values Dennis at pounds 196m.