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.

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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.