Retail tycoon holds 25.57% stake
Tycoon Sir Tom Hunter has bought another tranche of Dobbies shares, taking his stake above the level needed to block the takeover of the garden centre group by Tesco.
Hunter's purchase of 315,783 shares at 1,845p a share brought his holding in AIM-listed Dobbies to 25.57 per cent.
Last week, Tesco unveiled a£15-a-share recommended cash offer for Dobbies, valuing the retailer at£155.6 million. The grocer intends to extend Dobbies' product offer into a wider range of environmental lines and appeal to emerging green consumers.
The pounce was widely seen as a threat to Hunter, who has led consolidation in the gardening retail sector after acquiring market leader Wyevale last year.
Broker Seymour Pierce said Hunter is 'in a position to block Tesco's offer, irrespective of what it may increase to'.
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