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Haulier Eddie Stobart gets takeover interest from former group boss

Published 18/09/2019, 12:08
© Reuters. FILE PHOTO: Lorries arrive to the Port of Dover during a trial of how road will cope in case of a "no-deal" Brexit, Kent
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(Reuters) - Eddie Stobart Logistics Plc (L:ESLE) said on Wednesday it had received a "highly preliminary" expression of interest from TVFC Ltd, a company controlled by Stobart Group's (L:STOB) 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.

© Reuters. FILE PHOTO: Lorries arrive to the Port of Dover during a trial of how road will cope in case of a "no-deal" Brexit, Kent

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.

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