A fifth extension has been granted to an investor to either “put up or shut up” on a deal for Cumbrian-born logistics giant Eddie Stobart.

Isle of Man-based international asset management firm DBAY Advisors had been given until 5pm on November 8 to make an offer or walk away from the table in the battle to take control of the company.

But the Panel on Takeovers and Mergers has approved a fifth extension of DBAY Advisors’ “put up or shut up” (PUSU) deadline, giving it a five-day extension.

Discussions were “ongoing”, said Eddie Stobart, which made the request for the extension, stressing that there was no certainty an offer would be made.

The new deadline of 5pm on November 13 is just two days before rival, Wincanton, one of the UK's largest hauliers is required to make a move or not.

Wincanton entered the fray in the battle to buy Eddie Stobart last month and is understood to be carrying out due diligence of the business, which was started by Eddie Stobart in Cumbria in the 1940s and was spun out of Stobart Group in 2014.

The company made its move shortly after high-profile businessman Andrew Tinkler pulled out of the process.

His company, TVFB made a “No Intention to Bid Statement”, but left in place a number of conditions which could see it return to the table – including if the Eddie Stobart board agrees to an approach and 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.