An investor sizing up Eddie Stobart Logistics (ESL) for a potential purchase opportunity has been granted another extension to the deadline to make an offer.
Private equity investor DBAY Advisors, ESL’s fourth largest shareholder, now has until 8 November to announce either a firm intention to make an offer for the company or to walk away.
The board of ESL said discussions with DBAY remain ongoing and to allow further time for talks it had requested that the panel on takeovers and mergers extend the previous deadline of 28 October.
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On 18 October, Wincanton Plc announced it was undertaking a diligence exercise on ESL and its assets and it currently has until 15 November to make an offer or withdraw.
The move came days after TVFC (3), a company controlled by former Eddie Stobart Group chief executive Andrew Tinkler, abandoned its interest in bidding for the company.
DBAY, which is based in the Isle of Man, owned 51% of ESL before its stock market flotation in 2017.
