Private equity firm DBAY has appealed for the backing of Eddie Stobart shareholders ahead of a crunch vote over its £55 million bid to buy the trucking firm.
Douglas Bay Capital Fund (DBAY) has agreed the move to buy a 51% stake and take control of the Carlisle-based logistics firm, which is at the centre of a battle for control involving former boss Andrew Tinkler.
It said it was highlighting its commitment to Eddie Stobart after buying more shares to take its current stake in the business to 29.9% ahead of a vote on the deal on Friday December 6.
In a statement, DBAY said: "The DBAY team has spent months working with the company and its lenders to put forward a proposal that provides a realistic opportunity to save the equity value in Eddie Stobart while safeguarding jobs.
"DBAY has a long and successful history with the business and it is with regret that we will be returning under these circumstances.
"Our belief in Eddie Stobart is reflected in the considerable effort we have put in to deliver a practical proposal and our decision to invest further, despite the problems it has faced since we stepped back from the board."
Trading in Eddie Stobart shareshas been suspended since August over a £2 million accounting hole. TVFB, a company backed by former boss Andrew Tinkler, last week submitted a new rescue package in an attempt to foil DBAY's takeover. Logistics rival Wincanton dropped its own interest in taking over last week.
