Wincanton eyes up possible merger deal with Eddie Stobart
Britain’s largest 3PL provider Wincanton is eyeing up a possible merger with transport and logistics group Eddie Stobart.
In a statement Wincanton confirmed that it is currently undertaking a diligence exercise on Eddie Stobart and its assets, “to assess the potential merits of a combination”. Wincanton has until 15 November to make an offer.
Isle of Man-based asset management firm DBAY Advisors, which has a 10% stake in in Eddie Stobart, is also mulling over a bid for the company and has until October 28 to make a firm offer.
In August Eddie Stobart announced that Chief Executive Alex Laffey was standing down with “immediate effect” after a review of last year’s financial statements showed that profits were £2 million less than announced.
Posted on: October 22nd 2019