Logistics firm Wincanton drops out of race to buy peer Eddie Stobart

Nov 25 (Reuters) - Logistics firm Wincanton Plc said on Monday its board had decided to not pursue a buyout offer for Eddie Stobart Logistics, citing concerns about the target’s financial performance and liquidity.

“Wincanton will continue to explore acquisition opportunities to complement its organic growth but we owe it to our shareholders and other stakeholders not to take disproportionate risks,” Chairman Martin Read said in a statement.

Earlier this month, Eddie Stobart’s shareholder DBAY Advisors Limited proposed to buy a controlling stake in the company, known for its green and red trucks.

Reporting by Yadarisa Shabong in Bengaluru; Editing by Shinjini Ganguli