Laxey lends support to venture capitalist
Venture capitalist Cinven is planning a bid for the UK's biggest plant retailer, Wyevale Garden Centres, it was revealed today.
Rebel shareholder Laxey Partners, which owns 27.6 per cent of Hereford-based Wyevale, is backing the bid.
Laxey said it would accept an offer of at least 580p a share, providing it is made no later than December 2.
Hedge fund Laxey and Wyevale clashed last month, when Laxey attempted to oust Wyevale chairman David Williams and install former MEPC deputy chief executive Robert Ware.
Cinven is the first possible bidder for the company to reveal its intentions, but its announcement this morning may trigger other venture capitalist interest.
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