13 Aug 2007


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Hunter comments put Tesco's bid in doubt

Tesco

Dobbies

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Sir Tom Hunter has caused a row over Tesco's bid to takeover Dobbies after claiming the supermarket giant's offer undervalues the business.

Sir Tom, who has a 26% stake in Dobbies garden centres, said he would not offer a counter bid or accept Tesco’s £156m offer for the company because it does not reflect the long-term potential of the chain.

Dobbies chief executive James Barnes has since blasted Sir Tom in an interview with the Daily Telegraph, in which he claimed the Scottish entrepreneur was trying to block the deal “for his own commercial ends rather than for the benefit of our shareholders.”

Sir Tom’s comments will be a blow to Tesco who need to secure 50% backing from Dobbies shareholders. They currently have a 32% stake in the company.

Sir Tom’s investment company, West Coast Capital, which owns the Wyevale chain of garden centres, denied he was trying to derail Tesco’s plans.

A spokesman said: “We’re a major shareholder and we want to see maximum value in the business.”

Dobbies board has already written to all shareholders urging them to accept Tesco’s bid.

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