Oct 16 (Reuters) - Eddie Stobart said on Wednesday
DBAY Advisors, its second-largest shareholder, was granted more
time to make a firm takeover offer for the haulage company, but
former group boss Andrew Tinkler had abandoned any buyout
interest.
The UK takeover panel has given DBAY until Oct. 28 either to
make a buyout bid or walk away, Eddie Stobart said. DBAY had
been required to make an offer by 1600 GMT on Wednesday.
Eddie Stobart said last month it had received a "highly
preliminary" expression of interest from TVFB Ltd, a firm
controlled by Stobart Group's ousted chief Tinkler.
The company said on Wednesday it had not had a proposal from
TVFB regarding a buyout offer and the Tinkler-controlled firm
had told Eddie Stobart it would not be making a bid.
Tinkler was involved in a lengthy legal battle last year
with Stobart after he was sacked for alleged breach of contract
and fiduciary duty.
Until 2014 Eddie Stobart was unit of Stobart Group, now its
biggest shareholder with an 11.8% stake. DBAY holds about 10.7%.
The company's largest shareholder was troubled fund manager
Neil Woodford with 22.9% before the stake was dissolved on
Tuesday after his flagship fund was shut down.
Eddie Stobart has been hit by a series of bad news,
including Chief Executive Alex Laffey's departure and suspension
in trading of its stock in August following a financial review
that delayed its half-year results.
It issued a profit warning in July, citing a slowdown in
some businesses and a forced exit from a "problematic" contract.
(Reporting by Justin George Varghese in Bengaluru; editing by
David Evans)
