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One of Eddie Stobart Logistics’ (ESL) largest shareholders has been granted an extension by UK regulators to make a firm takeover offer for the beleaguered haulage firm.
DBAY Advisors now has until 16 October to either make a buyout bid or walk away.
The development comes after a “highly preliminary expression of interest” was made by former Stobart boss Andrew Tinkler for the business, via his company TVFC last month.
TVFC must also make a bid or decline by the same deadline, although this could also be extended with permission from the regulators.
Read more
- Former Stobart boss Andrew Tinkler ‘preparing bid’ for company
- Eddie Stobart Logistics issues profit warning and confirms takeover bid
- Shareholder Dbay in bid for Eddie Stobart Logistics
In August, ESL suspended shares on the AIM market and announced the departure of CEO Alex Laffey after it failed to publish its half-year results in time.
The company said it expected revenue for the first half of the year to be approximately £450m and underlying EBIT for the same period to be in the range of £10-11m.
