(Sharecast News) - Third-party logistics company Wincanton announced on Friday that it was currently undertaking a diligence exercise on Eddie Stobart and its assets, in order to enable it to assess the potential merits of a combination.
The London-listed firm said no proposal had been made to the AIM-traded company as to the terms of any potential offer, adding that there could be no certainty that any offer would be made to Eddie Stobart shareholders.
In accordance with the Code, Wincanton said it was required, by not later than 1700 GMT on 15 November, to either announce a firm intention to make an offer for Eddie Stobart in accordance with Rule 2.7 of the Code or announce that it did not intend to make an offer.
"This deadline can only be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code," the board said in its statement.
"A further announcement will be made as appropriate."
6 Dec 2019 13:22
Eddie Stobart shareholders back rescue deal
(Sharecast News) - Eddie Stobart shareholders have backed a bailout by private equity firm Douglas Bay Capital (DBay) that will save the logistics business from collapse.
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