7th Oct 2019 17:07
(Alliance News) - Eddie Stobart Logistics PLC on Monday said major shareholder DBAY Advisors Ltd now has until October 16 to decide if it wishes to pursue a takeover of the trucking company, after being given a nine-day extension from UK regulators.
Prior to the deadline being pushed by the Panel on Takeover & Mergers, DBAY had until Monday to decide if it wanted to but the London-listed firm.
In September, Eddie Stobart confirmed it had received a "preliminary expression of interest" with regards to a potential offer from the asset management firm.
Similarly, TVFC Ltd - controlled by former Stobart Group Ltd boss Andrew Tinkler - also has until October 16 to decide whether to mount a takeover. This deadline could be extended with consent from regulators however, Eddie Stobart said.
Tinkler used to head up Stobart Group but was fired in May 2018 when he announced his intention to vote against the re-election of Chair Iain Ferguson and shared confidential information with Edinburgh Woollen Mill owner Philip Day. Tinkler took Stobart Group to court, where he claimed to have been unlawfully removed, but lost the case and also his appeal.
Eddie Stobart used to be part of Stobart Group but was split in 2014 and then separately listed on London's AIM market back in April 2017.
Shares in Eddie Stobart are currently suspended due to the ongoing acquisition talks.
By Eric Cunha; [email protected]
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