Hunter's investment consortium West Coast Capital Floris (WCCF) has agreed a recommended offer of 86.5p in cash for each Blooms Share.
Blooms of Bressingham - which was advised by Teather & Greenwood - said it considers the offer to be 'fair and reasonable'.
Hunter - the UK's biggest garden centre owner - also owns Wyevale and has an 8 per cent stake in Dobbies Garden Centres and a 2.9 per cent strategic stake in mail order company Flying Brands.
Blooms chairman Charles Good said: 'The garden centre is going through a period of accelerating change, where there are clear benefits of joining forces. The board has given careful consideration to WCCF's cash offer and believes it represents a good opportunity, and that it provides shareholders with the opportunity to realise this investment at an attractive valuation.'
WCCF director and partner Paul Davidson said: 'We indicated at the time of the acquisition of Wyevale the consortium's strategy to invest in and build Wyevale's garden business. Blooms is a particularly attractive business in the sector and there are obvious cost and revenue synergies with the Wyevale business, as well as those of the partners in WCCF.'
The consortium also owns WCC Hortis, which acquired Wyevale Garden Centres in June last year.
No comments yet