Warrington-based Eddie Stobart Logistics Plc said on Monday its third largest shareholder, Isle of Man-based DBAY Advisors Limited, has made a preliminary expression of interest to buy the firm.
The news follows the bombshell of August 23 when Eddie Stobart announced its CEO Alex Laffey would “stand down … with immediate effect” and the firm said it would suspended its shares and delay its half-year results amid an ongoing accounting probe.
Eddie Stobart’s biggest shareholder is Woodford Asset Management Limited with 22.89% of voting rights, and Stobart Group has 11.78% of voting rights, according to the firm’s website.
DBAY Advisors holds 10.11%.
In a stock exchange statement on Monday, Eddie Stobart Logistics said: “The board of Eddie Stobart Logistics plc notes the recent media speculation and confirms that it has received a preliminary expression of interest from DBAY Advisors Limited in relation to a possible offer to be made by funds managed by DBAY for the entire issued, and to be issued, share capital of the company.
“There can be no certainty either that an offer will be made nor as to the terms of any offer, if made.
“A further announcement will be made when appropriate.
“In accordance with Rule 2.6(a) of the Code, DBAY is required, by not later than 5.00 p.m. on 7 October 2019, either to announce a firm intention to make an offer for the company in accordance with Rule 2.7 of the Code or to announce that it does not intend to make an offer for the company, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies.
“This deadline can be extended with the consent of the Panel on Takeovers and Mergers in accordance with Rule 2.6(c) of the Code.”