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Eddie Stobart Logistics plc (Eddie Stobart) announced on 7 October that it requested the Panel on Takeovers and Mergers (the Panel) to extend DBAY Advisors Limited’s (DBAY) deadline to announce a firm offer to 16 October 2019. This coincides with the deadline that has been imposed on TVFC (3) Limited, who announced a possible offer for Eddie Stobart on 18 September 2019.
Both bidders therefore have until 16 October to make a firm offer or not to do so, unless the Panel consents to a further extension.
As reported on 25 September 2019, Eddie Stobart has been plagued with financial difficulties, which saw the company having to suspend its shares from trading after they lost nearly 52% of their value. This has prompted key shareholders to try and acquire the company.
DBAY Advisors were majority shareholders in Eddie Stobart and were involved in taking the company public. TVFC (3) Limited is a company owned by Andrew Tinkler, who was the CEO of Stobart Group plc, the company Eddie Stobart used to be a part off. Mr Tinkler was dismissed by Stobart Group plc after a boardroom struggle which was then followed by litigation.
These competing offers take place at the same time as Eddie Stobart’s lenders have instructed Alvarez & Marsal to advise them on a potential restructuring of its debt facilities, whilst Eddie Stobart has brought in Deloitte and Rothschild to advise them on discussions with lenders.
Market Tracker will continue to track this news story as it develops.
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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.
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