Lancelot attempts to win Londis approval

Lancelot - the takeover consortium gunning for Londis - has written to the symbol group's shareholders in an effort to win them over.

It is understood the letter emphasises that the existing Musgrave offer is not the only option available and that a£60 million cash and shares deal with Lancelot would deliver better ranges and buying terms.

Former T&S buying and marketing director Geoff Purdy, now leading the Lancelot consortium, said: 'Musgrave needs Londis more than Londis needs Musgrave. Musgrave has been very public about how its buying terms are 11 to 15 per cent behind the multiples. If Musgrave wins, Londis (shareholders) will become a customer of a wholesaler that will take a profit margin out of the goods they deliver to them.'

Lancelot has written to Londis's board to seek a meeting and request financial data to allow due diligence.