Logistics giant Eddie Stobart has received a takeover approach today.
In a statement, it said: “The Board of Eddie Stobart Logistics … confirms that it has received a proposal from DouglasBay Capital III Fund LP (a fund managed by DBAY Advisors Limited) to acquire a controlling interest in the group’s operations.
“Under the terms of the proposal, the fund would acquire (directly or indirectly) a 51% stake in a new entity which will become the holding company for the group’s operations (“Holdco”). The company’s existing shareholders would have (via their shareholding in the company) a 49% interest in the Holdco.
“As part of the proposal, the fund would (directly or indirectly) inject approximately £55m of financing into the group’s operations through a PIK loan instrument, which will be used to provide necessary liquidity.
“The board of Eddie Stobart is considering the proposal together with its advisers. There can be no certainty that any binding transaction on the basis of the proposal or other offer for the company will be forthcoming. Any agreed proposal would be subject to approval of the company’s shareholders at a general meeting.”