The board of Dobbies Garden Centres has confirmed that Sir Tom Hunter’s application for an interim order has been refused.
Dobbies will now proceed with the open offer by putting the resolution to approve it to a shareholders’ vote at an AGM on May 21.
Sir Tom Hunter’s West Coast Capital investment vehicle was seeking a legal order, forcing Tesco to buy its minority stake in garden centre group Dobbies.
Dobbies, in which Tesco took a controlling stake last year, is planning a rights issue that – along with a dividend cut – West Coast argued is not in the interests of minority shareholders.
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