Andrew Tinkler moves to block rivals from voting on Eddie Stobart rescue deal
Advisers to former Eddie Stobart Logistics boss Andrew Tinkler are planning to submit an appeal to the City mergers watchdog tomorrow ahead of a vote on a controversial takeover bid for the distribution company
The appeal to the Takeover Panel is an attempt to prevent Dbay Advisors from voting on 6 December, Sky News reported.
Read more: Andrew Tinkler aims to offer rival resolution at crunch Eddie Stobart shareholder vote on Friday
Tinkler, who was in charge of the company when it was owned by Stobart Group, has reportedly acquired a 6.5 per cent stake in Eddie Stobart Logistics through his company TVFB.
TVFB is hoping the Takeover Panel will decide to block Dbay and William Stobart from voting their combined stake, which is roughly 30 per cent.
The deal, which would see Dbay acquire Eddie Stobart Logistics assets in return for an emergency high-interest £55m loan, needs approval from more than 50 per cent of shareholders to pass. Eddie Stobart’s board has recommended that investors accept the offer.
Tinkler told Morning Wire today that he hopes to get shareholder support for a rival offer, involving a £70m to £80m equity raise backed by existing shareholders and new investors.
Eddie Stobart has secured a waiver from lenders Allied Irish Bank, Bank of Ireland, BNP Paribas and KBC – which are owed a combined £200m – relating to breaches of its credit facility until 13 December.
Read more: Eddie Stobart asks shareholders to back Dbay’s £55m rescue deal
The logistics company has warned it will face an “imminent liquidity shortfall, imminent expiry of the waiver and no support from the lenders to explore alternative options” if the vote on Friday fails.