U.K.-based Ashtead Group, parent company to Sunbelt Rentals in the United States and A-Plant in the U.K., and Belgian motor vehicle parts firm TVH Services have joined forces to make a cash bid to acquire U.K.-based rental company Lavendon. Their latest offer of £1.15 per share — which would total close to $300 million — was a premium of 45.6 percent to Lavendon’s closing stock price on Dec. 2.

The two prospective purchasers signed a memorandum of understanding under which Ashtead would take control of Lavendon’s U.K. business and activities while TVH would acquire the rest of the group, which includes operations in a number of countries in Europe and the Middle East. The agreement calls for Ashtead to provide 47.5 percent of the cash consideration, while TVH would pay the remainder.

Lavendon rejected the proposal as undervaluing the company’s worth. The two sides said they will not raise the bid unless due diligence shows a material improvement.

Earlier this week, Ashtead acquired Empire Holdings in the United States, a rental company specializing in the scaffolding industry.

Lavendon specializes in the rental of aerial work platforms.