Eddie Stobart confirms takeover approach from Andrew Tinkler
Eddie Stobart Logistics has confirmed that former Stobart Group boss Andrew Tinkler has entered the fray to snap up the troubled haulage firm.
Eddie Stobart told investors that it has received a “highly preliminary expression of interest” from TVFC (3) Limited, a company controlled by Mr Tinkler.
The approach comes a week after shareholder DBAY, which owns a 10% stake in the business, confirmed it was considering an offer for Eddie Stobart.
Mr Tinkler ran part of the business until five years ago, when he sold his share in the company to DBAY.
Eddie Stobart was part of Stobart Group until it was spun off in 2014, before it was separately listed on London’s AIM market in April 2017.
The trucking business said “there can be no certainty either that an offer will be made nor as to the terms of any offer, if made”.
Under UK takeover rules, TVFC must announce its intention to make an offer for Eddie Stobart or walk away, by October 16.
The takeover interest comes three months after Mr Tinkler’s long-running legal battle with Southend Airport owner Stobart Group came to an end.
The former chief executive was sacked by Stobart after he attempted to oust then-chairman Iain Ferguson and replace him with retail tycoon Philip Day.
Interest in Eddie Stobart follows controversy at the company, which removed its chief executive earlier this year after errors were found in its accounts.
Shares in the business are currently suspended.
On Monday, Eddie Stobart warned that annual profits would be “significantly below” expectations after a poor first half of the year.