Eddie Stobart approached by shareholder with takeover interest

Troubled transport firm Eddie Stobart Logistics on Monday said its former owner, a current shareholder, has opened talks for a potential takeover.

Eddie Stobart said private equity group DBAY Advisors has made a preliminary expression of interest to buy it.

The approach follows a tumultuous time for the firm. In July it flagged an accounting error, and last month it suspended trading in its shares and said chief executive Alex Laffey would stand down with immediate effect. It also warned on profits.

The shares stood at 71p per share just before they were suspended, down from a 163p peak in 2017.

DBAY floated Eddie Stobart in 2017 and today has a 10.1% stake. The largest shareholder is fallen fund star Neil Woodford, left, with a 22.9% holding.

Eddie Stobart said there is no certainty its suitor will make an offer.

DBAY has until October 7 to either table a formal bid, or walk away.