Logistics Development Group plc (LSE:LDG) has rejected a revised potential cash takeover proposal from existing shareholder DBAY Advisors, after its independent directors concluded that the proposed price of 20 pence per share undervalued the company.
The approach was initially made on an unsolicited and indicative basis at 19 pence per share for the remaining issued share capital of Logistics Development Group. DBAY subsequently increased the proposed consideration to 20 pence per share in cash through a revised draft proposal.
Following a review of the terms with its advisers and consultation with a major independent shareholder, the company’s independent directors unanimously decided not to support the revised approach.
The board’s decision reflects its assessment that the proposed consideration does not adequately represent the value of Logistics Development Group. No firm takeover offer has been announced.
Under the UK Takeover Code, DBAY has until 5 November 2026 to announce a firm intention to make an offer or confirm that it does not intend to proceed. The deadline follows the company’s disclosure of the approach and its entry into a formal offer period.
The offer period also brings relevant disclosure requirements under the Takeover Code, including obligations applicable to certain shareholders and other parties holding interests in the company’s securities.
The potential transaction remains subject to DBAY’s decision on whether to submit a formal offer. The rejection of the indicative proposal does not establish whether a further approach will be made.
Logistics Development Group is an AIM-listed investment company focused on logistics and related infrastructure businesses. Its investment activities provide exposure to companies operating across transportation, supply chain management and associated services.
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