DBAY given fifth extension to Eddie Stobart bid deadline

DBAY Advisors has been granted a fifth extension to its deadline to make a bid for Eddie Stobart Logistics (ESL).

DBAY had previously been given until 5pm on November 8 to make an offer or walk away.

However, with the Isle of Man-based business still running the rule of ESL's finances, the panel of takeovers and mergers has given it a new deadline of 5pm tomorrow (13 November) to "put up or shut up".

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Reports suggest ESL made the latest extension request and that talks with DBAY are "ongoing".

However, there is no certainty that an offer will be made.

Haulage giant Wincanton is also said to be considering an offer for ESL and is currently carrying out a due diligence.

Wincanton has until 5pm on 15 November to make a rival offer.

Meanwhile former ESL boss Andrew Tinkler's company TVFB has made a 'no intention to bid' statement, but has left a number of conditions in place that could see him return to the table at a later date.

Any deal would need to be voted through by Eddie Stobart shareholders.