Thursday 19th Sep 2019 - Logistics Manager Magazine

Eddie Stobart Logistics gets buy-out interest

AIM-listed Eddie Stobart Logistics has “received a preliminary expression of interest” in a buy-out from international asset management firm DBAY Advisors.

DBAY Advisors owns a 10.11 per cent state in Eddie Stobart Logistics and is its third-largest share holder.

In a statement to investors Eddie Stobart confirmed it had received “a preliminary expression of interest from DBAY Advisors in relation to a possible offer to be made by funds managed by DBAY for the entire issued, and to be issued, share capital of the company”.

“There can be no certainty either that an offer will be made nor as to the terms of any offer, if made. A further announcement will be made when appropriate,” the statement said.

The offer comes after Eddie Stobart suspended trading of its shares and chief executive Alex Laffey stepped down, after a warning that profit would “likely to be significantly lower than anticipated”.

DBAY Advisors had previously acquired a 51 per cent stake in Stobart Group in 2014. Eddie Stobart Logistics subsequently floated on the AIM market in 2017.