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On 18 October 2019, Eddie Stobart Logistics plc (Eddie
an offer from logistics company Wincanton plc (Wincanton) . Following the announcement
on 16 October 2019 that TVFB (3) Limited had dropped out of the race, the
company therefore continues to have two competing bidders. DBAY Advisors
Limited (DBAY Advisors) have until 28 October to announce a firm offer and the deadline for Wincanton to confirm whether they intend to
proceed with a firm offer is 15 November 2019.
Wincanton, which is trades on the Main Market and which is a
rival of Eddie Stobart, announced that it was undertaking due diligence on the
company and its assets, in order to assess a possible combination. Eddie
this in a statement saying it had given Wincanton due diligence access.
The combined group might see customers receiving a greater
offering by combining the company’s abilities. Eddie Stobart has around 2,700
vehicles, 5,000 trailers and 6,600 staff and its operations extend to the UK,
Ireland and Belgium. Wincanton employs around 20,000 people across the UK and
Ireland and has around 3,400 vehicles as well as other specialist equipment,
for example tankers and construction vehicles. Whereas Eddie Stobart focuses on
road haulage in particular, Wincanton offers transportation as well storage
Both Wincanton and Eddie Stobart said in their statements
that whilst due diligence has been underway, there is no guarantee that a firm
offer would be announced.
Eddie Stobart, having suspended trading of its shares at 71p
and in a process of recovering from an accounting scandal, is probably seen as
a relatively cheap company to buy and build up. The company’s potential is not
lost on bidders, given that it was the largest AIM flotation in 2017, when its
shares were trading at 150p.
Market Tracker will continue to monitor this transaction as
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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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