West Coast Capital buys additional 1%
Sir Tom Hunter's bidding vehicle West Coast Capital has increased its stake in garden centre group Dobbies, putting strain on Tesco's£155.6 million offer made a few weeks ago.
The consortium has added nearly 1 per cent to its stake, which now totals 21.4 per cent. It needs just a further 3.6 per cent to block Tesco's bid. Hunter paid 1,800p a share, a 300p premium on Tesco's offer.
Last week, Wyevale owner Hunter raised his stake in Dobbies to more than 20 per cent, sparking speculation that there may be a bidding war between the retail tycoon and the UK's biggest supermarket.
After almost doubling his stake in Dobbies, Hunter said he was considering a counter-bid for the group, although no formal offer has been made.
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