The two-way battle for control of Eddie Stobart Logistics (ESL) has taken another twist after former CEO Andrew Tinkler (pictured) promised to inject a further £10m of equity into the troubled haulier if his bid is successful.

The move would see Tinkler's overall offer rise to £80m, in part to repay debts which are understood to have spiralled to an "unsustainable" £200m.

In a statement, TVFB (3) Limited, a company controlled by Tinkler, also revealed it has bought a 6.5% stake in ESL.

It claimed its new proposal would leave ESL as a listed company with appropriate corporate governance whereas a rival bid by private equity firm DBAY Advisors leaves ESL under the control of a single shareholder.

Tinkler also re-emphasised that his own bid has the support of the "vast majority" of ESL shareholders whereas the DBAY proposal has "very limited support".

His proposal would be "materially better on multiple fronts for the shareholders and other stakeholders of ESL", he said.

Both bids are due to be assessed by shareholders on Friday (6 December).

The TVFB statement went on to warn ESL against accepting DBAY's bid, claiming that "unless shareholders are prepared to continue injecting what could be substantial sums of money into a vehicle under the full operational and board control of DBAY they risk being materially diluted on an ongoing basis".

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It claimed DBAY's decision to buy around 17% of share capital on 29 November 2019, increasing its shareholding to around 27%, was "wholly hypocritical, given that the D-BAY proposal does not afford any meaningful value to other shareholders".

It went on to insist these shares were acquired "solely to increase D-BAY's level of control to the detriment of other ESL shareholders".

DBAY is proposing to inject £55m into the business in exchange for a majority ownership.

In a Stock Exchange announcement earlier this week, it said: “Other parties who have been considering alternative solutions have been unable/unwilling to submit any concrete workable alternative so far.

“Should the DBAY proposal be voted down, the Eddie Stobart board will be faced with an imminent liquidity shortfall, imminent expiry of the existing waivers from the Lenders relating to the breaches of the Company's credit facility and no support from the Lenders to explore alternative options.”