Wincanton, the road haulage company that counts Tesco among its clients, has made a £229 million bid for TDG, its rival logistics provider, trumping a rival approach from Laxey Partners, the private equity firm.

The indicative cash offer was made at 281¼p a share, 15p higher than Laxey's tentative proposal, which in turn was about 30 per cent higher than TDG's closing share price on February 26, the day before Laxey's announcement.

Yesterday, Laxey, the Isle of Man-based hedge fund manager, said that its offer would remain at 275p a share, minus the dividend. It said that it had completed due diligence satisfactorily and expected to make a formal offer “in the near future”. Analysts doubted Wincanton's chances for success as Laxey has built up a 22 per cent stake in TDG.

However, TDG sources said that although Laxey's shareholding meant that it had a strong position, the board would treat the rival bids equally.

The company said: “TDG will seek to agree with Laxey Partners, Wincanton and the Takeover Panel a formal timetable in which each party must either announce a firm intention to make an offer for TDG or announce that it does not intend to make an offer.”

Sources at Wincanton suggested that a takeover would allow it to fill holes in its European coverage, while also giving the company added value in areas such as chemicals transport, where TDG has acquired expertise. Wincanton said that it saw opportunities to increase profits through synergies and combining the two property portfolios.

If completed, the takeover would follow others in the industry. Exel, Tibbett & Britten and Salvesen have all been part of takeovers in recent years.

Wincanton's shares fell 7p to 361p amid concerns about a protracted takeover battle. TDG shares rose 41p to 271p.

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