November 13, 2019 / 8:08 AM / a month ago

DBAY Advisors proposes buying majority stake in Eddie Stobart

Nov 13 (Reuters) - DBAY Advisors Limited has proposed to buy a controlling stake in Eddie Stobart Logistics Plc, the logistics firm confirmed on Wednesday.

DBAY Advisors, which is also the third largest shareholder in Eddie, proposed buying a 51% stake and will also invest 55 million pounds ($70 million) in Eddie Stobart, which last month received merger interest from rival haulier Wincanton.

In a separate earnings statement on Wednesday, Wincanton said it continues to perform due diligence on the potential combination with Eddie Stobart. It has up till Friday to make a firm bid for Eddie or walk away.

Eddie Stobart, whose shares have been suspended from trading since August, most recently forecast first half operating earnings at the lower end of its expectations, hurt by a slowdown in some businesses and as it exited a “problematic” contract. ($1 = 0.7815 pounds) (Reporting by Indranil Sarkar in Bengaluru; Editing by Shailesh Kuber)

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