Wincanton has pulled out of the running to take over rival TDG two days before the bid deadline, leaving the path clear for Laxey Partners.
The logistics company said “it is not in the best interests of Wincanton shareholders to proceed with an offer”.
TDG told both suitors they had until 5pm on 20th June to launch a formal bid for the company or announce that they did not intend to make an offer.
Wincanton approached the board of TDG at the beginning of May with an offer of 281.25 pence per share, 15 pence higher than the initial offer made by Laxey Partners in February.
Laxey Partners must let TDG shareholders know by Friday if it is going to proceed with its offer.