Hunter increases stake to defy Tesco
Sir Tom Hunter has thrown a spanner in the works by increasing his stake in garden centre chain Dobbies.
The Scottish businessman has become a thorn in the side of supermarket giant Tesco, which has already tabled a bid for Dobbies and its 21 garden centres.
Sir Tom’s company, West Coast Capital, has now increased its shares in Dobbies to 28.58% and despite declaring himself out of the running for Dobbies, he has said he would not accept the £156m offer from Tesco.
Tesco now has a 29.9% stake in Dobbies and under Takeover Panel rules this cannot be increased.
The retail giant must now receive backing from independent investors in an attempt to gain control of Dobbies.
The board of Dobbies has written to shareholders this week, urging them to accept the offer from Tesco.
Email this to a friend
Media House, Azalea Drive, Swanley, Kent. BR8 8HY | Tel: +44 (0) 1322 660070 | Email: info@TalkingRetail.com
Want more stories delivered to your inbox?
