Race for Dobbies hots up as Tesco extends offer
The race for garden centre chain Dobbies is still on after Tesco extended its offer and Sir Tom Hunter increased his shares in the business to 26.02%.
Supermarket chain Tesco, said it has received valid acceptances for 2.06 million shares in Dobbies Garden Centres, which represents about 20.5% of the company.
The offer has now been extended to August 8 and will remain open for acceptance as Tesco now holds 3.24 million shares in the company, which is about 32.2%.
Dobbies had agreed to be taken over by Tesco for £156.6m but Scottish entrepreneur Sir Tom Hunter has been increasing his stake in the business and has today lifted his shares to 26.02%.
Analysts say an announcement as to whether Sir Tom's company West Coast will make a full bid for Dobbies, is expected soon.
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