September 18, 2019 / 10:31 AM / a month ago

Haulier Eddie Stobart gets takeover interest from former group boss

FILE PHOTO: Lorries arrive at the Port of Dover during a trial of how road will cope in case of a "no-deal" Brexit, Kent, Britain January 7, 2019. REUTERS/Peter Nicholls/File Photo

(Reuters) - Eddie Stobart Logistics Plc (ESLE.L) said on Wednesday it had received a “highly preliminary” expression of interest from TVFC Ltd, a company controlled by Stobart Group’s (STOB.L) former boss Andrew Tinkler.

The news comes days after Eddie Stobart said that its third largest shareholder, DBAY Advisors Limited, had expressed a similar interest in taking over the company.

Eddie Stobart, which was earlier a part of the larger Stobart Group, has been hit by a series of bad news, including CEO Alex Laffey’s departure and suspension in trading of its stock following a financial review that delayed its half-year results.

According to UK takeover rules, TVFC has until Oct. 16 to make a firm buyout offer or walk away, Eddie Stobart said in a statement.

TVFC and DBAY Advisors could not be immediately reached for comment.

Tinkler was involved in a lengthy legal battle last year with Stobart after he was ousted from the infrastructure and support services group for alleged breach of contract and fiduciary duty.

Eddie Stobart, whose largest shareholder is troubled fund manager Neil Woodford with a 22.9% stake, had issued a profit warning in July, citing a slowdown in some businesses and a forced exit from a “problematic” contract.

Reporting by Justin George Varghese and Pushkala Aripaka in Bengaluru; Editing by Shailesh Kuber

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