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On 25 November 2019, Wincanton plc, the logistics company which had expressed an interest in merging with Eddie Stobart, announced that it did not intend to make an offer.
In its statement, Wincanton noted that having considered financial information relating to Eddie Stobart, it did not believe that a combination would not be in the best interests of the company or its shareholders.
Wincanton noted that the recent disclosures made by Eddie Stobart confirmed a ‘material reduction in EBIT, poor cash collection and higher net debt’, stating that it did not believe that a merger would create shareholder value owing to Eddie Stobart’s ongoing issues with financial performance and liquidity.
Eddie Stobart responded to the announcement on 26 November 2019. The company noted its disappointment given that it had provided due diligence information and had organised meeting between their own officials and Wincanton, as well as its advisers. They had encouraged Wincanton to table an offer.
Eddie Stobart also affirmed that it was still intending to enter into the financing arrangement with DBAY Advisors Limited, and that it believed this financing was in the best interest of the company and shareholders.
Market Tracker will continue to monitor these transactions as they develop.
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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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