Wincanton on Tuesday pulled out of the bidding for TDG only days before a takeover deadline, leaving the field clear for Laxey Partners, the private equity and investment group, to proceed with a bid for the logistics group.

Shares in TDG fell 40p, or more than 15 per cent, to 220p after Wincanton, which manages Tesco’s supply chain, said it was “not in the best interest of its shareholders to proceed with an offer”.