(Alliance News) - Eddie Stobart Logistics PLC on Wednesday said it has been granted an extension for takeover talks with DBAY Advisors Ltd, while another suitor has walked away.
In September, Eddie Stobart confirmed it had received a "preliminary expression of interest" with regards to a potential offer from asset management firm DBAY.
Discussions remain ongoing with DBAY, Eddie Stobart explained, and, to allow further time for these discussions, the London-listed firm has requested that the Takeovers & Mergers Panel extend the 'put up or shut up' deadline by which DBAY must either announce a firm intention to make an offer or walk away.
DBAY now has until October 28 to decide whether to make an offer for Eddie Stobart or not.
Turning to TVFB Ltd's approach for the firm, Eddie Stobart said it has not received any proposal further to a "highly preliminary" expression of interest in September.
Accordingly, TVFB - controlled by former Stobart Group Ltd boss Andrew Tinkler - has confirmed that it has no intention of making an offer for the company.
However, talks between Eddie Stobart and TVFB related to a refinancing are ongoing.
Earlier in October, Eddie Stobart received a "highly preliminary, conditional proposal" from TVFB to participate in a refinancing of the company through an equity participation. Discussions between the company and TVFB are regarding this are continuing.
Shares in Eddie Stobart are currently suspended, having last traded at 71.00 pence.
By Lucy Heming; lucyheming@alliancenews.com
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