Van firm eyes Halfords for £1.3bn merger
Redde Northgate plc is a large commercial vehicle rental provider and of accident management and repair services
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Halfords has reportedly been approached by van hire firm Redde Northgate about a possible £1.3bn merger deal, according to The Sunday Times.
The outlet revealed that the two firms have had discussions, with sources claiming Redde Northgate proposed a nil-premium merger.
However, it is thought that Halfords have currently stepped away from any potential deal after its board decided the offer “significantly undervalues” the business.
The Sunday Times added that Redde Northgate could yet return with an improved offer if the gap in valuation between the two firms closes.
A source close to the negotiations told the paper: “There were discussions about what an integration of the two businesses might look like but there were questions over the valuations of both companies.
“Both share prices weren’t doing fantastically well at the time so there is nothing live at the moment. However, it could come back.”
Redde Northgate plc is a large commercial vehicle rental provider and of accident management and repair services since its merger with Redde in 2020, operating in the UK, Ireland and Spain.
It is headquartered in Darlington, County Durham with over 130,000 vehicles, mainly light commercial vehicles.
