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, Wincanton said.
Eddie Stobart Logistics confirmed it has granted due diligence access to Wincanton to assess the potential merits of a combination.
Shares in Eddie Stobart have lost a third of their value over the last year and trading in them has been suspended since August, pending publication of the group’s delayed interim results.
On 9 September, the company received a bid approach from fund manager DBAY Advisors.
Nine days later, the group revealed it had received a highly preliminary expression of interest from TVFC (3) Limited, a company controlled by Andrew Tinkler, about a possible offer for the company.
Tinkler is the former chief executive officer of Stobart Group Limited (LON:STOB), the owner of Southend airport and the previous owner of Eddie Stobart Logistics.
On Wednesday of this week, the board of Eddie Stobart Logistics revealed that TVFC had decided not to proceed with a bid while the so-called “put up or shut up” (i.e. make a bid or walk away) deadline for DBAY had been extended.