It was revealed last month that the two firms were in talks over a potential takeover. And today’s bid is priced at a 73.9 per cent premium to Autologics’ share price at that time.
Stobart has secured irrevocable undertakings, in favour of the takeover, that represent 61.3 per cent of Autologics’ shares. And Autologics has recommended the offer because it believes the business will benefit from being part of a larger group.
"Autologic is an excellent fit with our group strategy to expand into complementary service offerings and it will facilitate our entry into the auto-logistics market in a leading position,” said chief executive Andrew Tinkler.
“We expect to be able to drive substantial synergies and efficiencies from improved fleet utilisation, vehicle buying and maintenance, which will benefit our customers and drive value for our shareholders.
“We also see opportunities to expand Autologic's presence in Europe where we have a growing presence."