Victory for Tesco in Dobbies bid
Tesco's bid for Dobbies Garden Centres has been declared unconditional after the supermarket giant gained more than 50% support from shareholders.
The long running battle between Tesco and Scottish businessman Sir Tom Hunter came to a head on Friday when the supermarket chain said that 53.1% of shareholders had accepted its £156m offer.
However, the takeover has been opposed by Sir Tom who holds a 28% stake in Dobbies and he has made it clear that he will not sell to Tesco.
As a result, Dobbies is likely to remain a quoted company.
Sir Terry Leahy, chief executive of Tesco, said: “We’re absolutely delighted that we’ll be able to put our existing plans for Dobbies into practice.
“We look forward to working with Dobbies’ excellent staff and first-class management team; it’s a great brand that we will retain and develop from its Scottish base.
“With our backing and support, the management team can now invest in the development of Dobbies in order to realise more quickly its full potential and grasp the opportunities offered by a shift towards green consumption.”
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?
