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Tesco ups its stake in Dobbies

Tesco Dobbies

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Tesco has increased its ownership in garden centre chain Dobbies to 28.1% as it seeks to beat off interest from Scottish entrepreneur, Sir Tom Hunter.

Dobbies in Milton Keynes

The supermarket giant has exercised a call option to acquire 16.4% of shares in Dobbies, increasing its total stake to 28.1%, which means it is getting closer to the 50% need to takeover the business.

Tesco has also confirmed it has received clearance from the Office of Fair Trading to go ahead with the proposed deal of £156m for Dobbies’ 21 stores.

Sir Tom Hunter had increased his stake in Dobbies to 25.57% in June, but a counter offer since then has failed to materialise.

A statement from Tesco said: “The offer made by Tesco Holdings is currently the only offer for Dobbies and is recommended by the board of Dobbies.”

by Glenn Pearson

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