(Alliance News) - Former Stobart Group Ltd boss Andrew Tinkler is considering a bid for Eddie Stobart Logistics PLC, Sky News reported on Tuesday.
Eddie Stobart used to be part of Stobart Group but was split in 2014 and then separately listed on London's AIM market back in April 2017.
According to Sky, "Andrew Tinkler has notified advisers to Eddie Stobart that he is interested in participating in a refinancing of the company - which could involve making an offer for it".
Tinkler used to head up Stobart Group but was fired in May 2018 when he announced his intention to vote against the re-election of Chair Iain Ferguson and shared confidential information with Edinburgh Woollen Mill owner Philip Day. Tinkler took Stobart Group to court, where he claimed to have been unlawfully removed, but lost the case and also his appeal.
Sky noted the offer might create a conflict between Tinkler and DBAY Advisors, which has expressed interest in a possible takeover. Eddie Stobart shares are currently suspended as a result of the possible bid.
"Further details of Tinkler's approach to Eddie Stobart's advisers were unclear on Tuesday night, but banking sources said he had requested access to materials required to conduct due diligence on the company," Sky reported.
The haulier issued a profit warning and suspended dividend payments on Monday, saying adjusted operating profit for the company's financial year ending November 30 will be significantly below the board's prior expectations.
This was attributed to adverse performance, delays in the implementation of operational efficiencies, provisions against underperforming contracts, and lower than planned property utilisation. Eddie Stobart said it was considering raising new equity.