• DATVF.VWU
    1.473
    -0.008
    -0.5%
  • DATVF.DALLAX
    0.864
    -0.091
    -9.5%
  • DATVF.VNU
    1.390
    -0.032
    -2.3%
  • DATVF.SEALAX
    0.968
    -0.130
    -11.8%
  • DATVF.CHIATL
    1.867
    -0.088
    -4.5%
  • DATVF.LAXSEA
    1.977
    0.114
    6.1%
  • DATVF.LAXDAL
    1.609
    0.038
    2.4%
  • DATVF.VSU
    1.236
    -0.027
    -2.1%
  • DATVF.PHLCHI
    0.920
    0.000
    0%
  • DATVF.VEU
    1.460
    -0.063
    -4.1%
  • DATVF.ATLPHL
    1.593
    -0.100
    -5.9%
  • ITVI.USA
    9,615.620
    40.790
    0.4%
  • OTRI.USA
    5.620
    0.090
    1.6%
  • OTVI.USA
    9,608.610
    39.240
    0.4%
  • TLT.USA
    2.570
    -0.010
    -0.4%
  • WAIT.USA
    150.000
    0.000
    0%
  • DATVF.VWU
    1.473
    -0.008
    -0.5%
  • DATVF.DALLAX
    0.864
    -0.091
    -9.5%
  • DATVF.VNU
    1.390
    -0.032
    -2.3%
  • DATVF.SEALAX
    0.968
    -0.130
    -11.8%
  • DATVF.CHIATL
    1.867
    -0.088
    -4.5%
  • DATVF.LAXSEA
    1.977
    0.114
    6.1%
  • DATVF.LAXDAL
    1.609
    0.038
    2.4%
  • DATVF.VSU
    1.236
    -0.027
    -2.1%
  • DATVF.PHLCHI
    0.920
    0.000
    0%
  • DATVF.VEU
    1.460
    -0.063
    -4.1%
  • DATVF.ATLPHL
    1.593
    -0.100
    -5.9%
  • ITVI.USA
    9,615.620
    40.790
    0.4%
  • OTRI.USA
    5.620
    0.090
    1.6%
  • OTVI.USA
    9,608.610
    39.240
    0.4%
  • TLT.USA
    2.570
    -0.010
    -0.4%
  • WAIT.USA
    150.000
    0.000
    0%
EuropeLogisticsNewsTrucking

Wincanton emerges as potential Eddie Stobart buyer

British logistics giant Wincanton has entered the race to buy iconic U.K. trucking firm Eddie Stobart.

Although no formal offer has been made by Wincanton, it said in a statement it was “undertaking a diligence exercise on Eddie Stobart and its assets.”

No value has been put on the potential deal and a spokesperson for Wincanton was unable to provide any further details when contacted by FreightWaves.

Wincanton now has until 5:00 p.m. on 15 November to make a bid.

In a separate statement, Eddie Stobart confirmed it had granted its competitor “due diligence access” ahead of a possible merger.

“No proposal has been made by Wincanton to Eddie Stobart as to the terms of any potential offer, and there can be no certainty that any offer will be made to Eddie Stobart shareholders,” said the statement.

Eddie Stobart, which operates about 2,500 trucks, is named after its Cumbrian founder and is famed for its iconic green and red truck branding.

Image: Wincanton

Any deal to buy the company will need to be voted on by its embattled shareholders. As reported in FreightWaves, in August the haulage company announced its CEO Alex Laffey had quit after accounting errors were found in its earnings estimates.

Shares in AIM-listed Eddie Stobart were subsequently suspended in September and the company warned that its annual results would be “significantly below” expectations after a poor first half of the year.

DBAY Advisors, which already holds a 10% stake, is another potential buyer after making a “preliminary expression of interest” in the firm in early September. The company now has until 5:00 p.m. on October 28 to signal its intentions.

“Discussions with DBAY regarding a possible offer for the company remain ongoing,” said an Eddie Stobart statement.

However, TVFB, headed by Andrew Tinkler, former boss of Stobart Group, informed the London Stock Exchange earlier this week it had made a “No Intention to Bid Statement.”

TVFB had been given a “put up or shut up” (PUSU) deadline of 5:00 p.m., October 16 to make a move.

Until 2014 Eddie Stobart was part of Stobart Group, now its biggest shareholder with an 11.8% stake.
More FreightWaves articles by Mike

Tags
Show More

Mike King

After a decade in Asia, Mike is now based in the U.K. Growing up in a prominent Liverpool trucking family, he could shrink wrap a pallet and load a 40ft container with a forklift before his teen years. More by accident than design, his career in journalism led him back to his origins. Some 20 years later and after multiple editorships, highlights include covering Asia for JOC, becoming one of the youngest ever magazine editors at Lloyd’s and running the news desk at IFW/Lloyd’s Loading List. Recent business journalism award wins include Seahorse Air Cargo Journalist of the Year in 2012, Supply Chain Journalist of Year in 2016 and News Journalist of the Year in 2013 and 2017. In 2018 he was named the International Road Transport Union Journalist of the Year. Mike also has a long history working with NGOs fighting deforestation and corruption in Indonesia, he runs a charity in Nepal and has spent a decade investigating corruption and human rights abuses on behalf of a leading commercial risk intelligence company. He loves Liverpool FC and is a regular participant in the World Bog Snorkeling Championships.

Leave a Reply

Your email address will not be published. Required fields are marked *

Close