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Robert.Jervis_43227 Oct 18

Wincanton to bid for Eddie Stobart Logistics?

Wincanton to bid for Eddie Stobart Logistics? image
No certainty that any offer will be made
The Board of Wincanton has announced that it is currently undertaking a diligence exercise on Eddie Stobart and its assets, in order to enable it to assess the potential merits of a combination. No proposal has been made by Wincanton to Eddie Stobart as to the terms of any potential offer, and there can be no certainty that any offer will be made to Eddie Stobart shareholders.

In accordance with Rule 2.6(a) of the Code, Wincanton is required, by not later than 5.00pm on 15 November 2019, being 28 days after today's date, to either announce a firm intention to make an offer for Eddie Stobart in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer for Eddie Stobart, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can only be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code.

Separately, Eddie Stobart said that DBAY Advisors, its second-largest shareholder, was granted more time to make a firm takeover offer for the company, but former group boss Andrew Tinkler had abandoned any buyout interest.

The UK takeover panel has given DBAY until Oct. 28 either to make a buyout bid or walk away, Eddie Stobart said. DBAY had been required to make an offer by 1600 GMT on Wednesday 16th October.

Eddie Stobart said last month it had received a "highly preliminary" expression of interest from TVFB Ltd, a firm controlled by Stobart Group's former chief Tinkler.

The company said on Wednesday it had not had a proposal from TVFB regarding a buyout offer and the Tinkler-controlled firm had told Eddie Stobart it would not be making a bid