Wincanton drops interest in offer for Eddie Stobart
Wincanton has abandoned plans to make a possible offer for its peer Eddie Stobart Logistics.
Chairman Martin Read said in a statement: “Wincanton will continue to explore acquisition opportunities to complement its organic growth but we owe it to our shareholders and other stakeholders not to take disproportionate risks.”
Read more: Wincanton raises dividend as it mulls Stobart bid
Earlier this month the firm said it was continuing to eye a merger with Eddie Stobart, but a rival £55m bid has arrived since Wincanton revealed its interest in October.
Its logistics competitor suspended shares in August and Wincanton originally said that any offer would be contingent on Eddie Stobart’s auditor finalising a review of accounts.
DBAY Advisors Limited, a shareholder in Eddie Stobart, proposed to buy a controlling stake in the firm several weeks ago.