Andrew Tinkler’s apparent rival in the race to control struggling haulier Eddie Stobart Logistics has been given more time to make its move.

In a statement to the London Stock Exchange, Eddie Stobart confirmed that the Panel on Takeovers and Mergers (PTM) has agreed to extend the “put up or shut up” (PUSU) deadline for international asset management firm DBAY Advisors to decide on whether to make a bid for the Cumbrian-born firm or not.

DBAY Advisors had originally been given until 5pm on October 7 to make a move, but the PUSU deadline has been extended until 5pm on October 17 – the same deadline given to TVFC (3) Limited, the company controlled by Mr Tinkler.

Former Stobart Group chief executive Mr Tinkler confirmed his interest in Eddie Stobart last month, expressing a desire to “see if I can get involved for the success of the business going forward” and “make sure the business survives through this difficult time”.

The revelation pits him against DBAY Advisors, who already have a 10 per cent stake in the road haulage business.

Eddie Stobart bosses were forced to admit it had received a “preliminary expression of interest” from the firm in early September in response to heightened media speculation.

Isle of Man-based DBAY Advisors, which also has an office in London, has been involved with Eddie Stobart for several years, including its flotation in 2017 in which Carlisle-headquartered Stobart Group – which owns Carlisle Lake District Airport – reduced its stake in the haulage firm.

In a statement Eddie Stobart confirmed it had requested PTM – an independent body which administers the City Code on takeovers and mergers – extend the PUSU deadline.

“Discussions with DBAY are ongoing in relation to the possible offer,” it said.

On TVC’s interest it added: “There can be no certainty either that an offer will be made nor as to the terms of any offer, if made. A further announcement will be made when appropriate.”

Any deal would need to be voted through by Eddie Stobart shareholders.

In August shares in Eddie Stobart were suspended at 70p after the company, which trades on the junior AIM stock exchange, revealed that bosses had found a £2 million accounting error.

A month later the company warned it annual profits are set to be “significantly below” expectations after a poor first half of the year due to a combination of an “adverse performance” and ambitious budget, as well as delays to a major project.

The Eddie Stobart brand is synonymous with the county, and still has a depot at Lillyhall, near Workington despite being headquartered in Warrington.

The company was started by Eddie Stobart in Cumbria in the 1940s and was spun out of Stobart Group in 2014.

Stobart Group’s stake now stands at 11.8 per cent and it continues to receive royalties from Eddie Stobart Logistics to use the Stobart name.