The board of Cumbrian-born logistics giant Eddie Stobart has confirmed it is considering a rescue bid from investor DBAY Advisors.

The Isle of Man-based international asset management firm has finally showed its cards following five “put up or shut up” (PUSU) deadlines over the past few months.

Eddie Stobart confirmed it had received a proposal from DouglasBay Capital III Fund LP – a fund managed by DBAY Advisors – to acquire a controlling interest in the company’s operations.

Under the proposal, the fund would take a 51 per cent stake in a new holding company for the Eddie Stobart operations, with existing shareholders left with the remaining 49 per cent.

And the fund would inject “approximately” £55 million of financing into the operations through a Payment in Kid loan instrument – paying interest or dividends to shareholders with additional securities or equity instead of cash.

This, Eddie Stobart said in a statement issued to the London Stock Exchange, “will be used to provide necessary liquidity”.

The company added: “The board of Eddie Stobart is considering the proposal together with its advisers.

“There can be no certainty that any binding transaction on the basis of the proposal or other offer for the company will be forthcoming.”

DBAY Advisors – which already has a 10 per cent stake in Eddie Stobart – made a preliminary expression of interest in the road haulage business in early September.

It has been given until 5pm on Wednesday, November 13 in its fifth deadline to either make an offer for the business or walk away from the table.

Meanwhile, apparent rival Wincanton, one of the UK's largest hauliers, has a PUSU deadline of November 15 to make a move or not.

And it remains to be seen if high-profile businessman Andrew Tinkler will re-enter the fray in the battle to takeover Eddie Stobart.

While his company, TVFB made a “No Intention to Bid Statement” last month, it did leave in place a number of conditions where it may return to the negotiating table – including if a firm offer for the company is announced by another bidder.

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.

Now headquartered in Warrington, Eddie Stobart, still has a depot at Lillyhall.