Rely on the most comprehensive, up-to-date legal content designed and curated by lawyers for lawyers
Work faster and smarter to improve your drafting productivity without increasing risk
Accelerate the creation and use of high quality and trusted legal documents and forms
Streamline how you manage your legal business with proven tools and processes
Manage risk and compliance in your organisation to reduce your risk profile
Stay up to date and informed with insights from our trusted experts, news and information sources
Access the best content in the industry, effortlessly — confident that your news is trustworthy and up to date.
With over 30 practice areas, we have all bases covered. Find out how we can help
Our trusted tax intelligence solutions, highly-regarded exam training and education materials help guide and tutor Tax professionals
Regulatory, business information and analytics solutions that help professionals make better decisions
A leading provider of software platforms for professional services firms
In-depth analysis, commentary and practical information to help you protect your business
LexisNexis Blogs shed light on topics affecting the legal profession and the issues you're facing
Legal professionals trust us to help navigate change. Find out how we help ensure they exceed expectations
Lex Chat is a LexisNexis current affairs podcast sharing insights on topics for the legal profession
Discuss the latest legal developments, ask questions, and share best practice with other LexisPSL subscribers
The logistics company, best known for its green and red trucks, continues to be of interest to bidders. DBAY Advisors Limited, the private equity group that took Eddie Stobart public in 2017, did not announce a firm offer, but has instead put forward a refinancing proposal which is subject to shareholder approval. Meanwhile, Wincanton plc, the logistics group, has had its PUSU deadline extended to 27 November 2019.
Certain details of DBAY’s proposed financing had been reported in the press, following which Eddie Stobart issued a statement in response, outlining broadly the proposed financing.
DBAY confirmed on 14 November 2019 that it did not intend to make a firm offer. It highlighted that it intended to inject £55 million into Eddie Stobart’s operations via a sale and purchase agreement (SPA). The agreement will see DBAY acquire a 51% stake in a wholly-owned subsidiary of Eddie Stobart known as GreenWhitestar. This subsidiary holds Eddie Stobart’s interests in the trading companies of the group. 49% of the company would be held by the remaining shareholders of the company.
As part of this transaction, DBAY will provide the financing through a payment in kind (PIK) facility. The debt would initially carry a 25% interest rate between shareholder approval and completion, and 18% thereafter. The proposed financing would also be subject to FCA approval. The transaction is recommended by the board and on 20 November 2019, the company published a circular and notice for a general meeting on 6 December 2019 to approve the transaction.
Meanwhile, Wincanton plc has urged shareholders not to support the transaction. In a statement, Wincanton pressed Eddie Stobart to publish key financial information and the result of the audit that is taking place following the accounting scandal that has shaken the company. Wincanton stated that any combination between themselves and Eddie Stobart will create more value than any proposal that has been made by DBAY.
Market Tracker will continue to monitor these transactions as they develop.
Access this article and thousands of others like it free by subscribing to our blog.
Read full article
Already a subscriber? Login
Market Tracker is a unique service for corporate lawyers housed within Lexis®PSL Corporate. It features a powerful transaction data analysis tool for accessing, analysing and comparing the specific features of corporate transactions, with a comprehensive and searchable library of deal documentation across 14 different deal types. The Market Tracker product also includes news and analysis of key corporate deals and activity and in-depth analysis of recent trends in corporate transactions.
0330 161 1234