10 Aug 2007


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Dobbies board urges shareholders to accept Tesco offer

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The board of garden centre chain Dobbies has today written to all its shareholders urging them to accept the “generous offer” of a takeover by Tesco.

A day after Scottish entrepreneur Sir Tom Hunter dropped out of the running for Dobbies, the board is sending letters to its shareholders to accept the offer on the table from Tesco because it is the only offer available and is in the “best interests of Dobbies shareholders.”

Tesco has tabled an offer of £15 a share and the Dobbies board has told its shareholders that a takeover by Tesco would represent the most attractive within the retail sector.

Dobbies has until August 19 to accept any offer after Tesco yesterday extended its offer.

Since Hunter announced he would not be making an offer for Dobbies, his company, West Coast Capital, will be unable to make another offer for six months.

If the deal with Tesco is not accepted, the supermarket giant will be barred from making any other offer for Dobbies for 12 months.

Alex Hammond-Chambers, chairman of Dobbies, said: “We retain the view that the offer from Tesco Holdings is an excellent one and that it is in the interests of all shareholders to accept it.”

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