Tesco has agreed to pay £12 a share for each share in Dobbies that it does not already hold under the terms of a recommended cash offer for the retailer.

At present, Tesco owns 65.5 per cent of the existing share capital in garden centre chain Dobbies. The acquisition of 29.2 per cent of the remaining shares from retail entrepreneur Sir Tom Hunter’s West Coast Capital investment vehicle will give the grocer full control over the chain.

Tesco's acquisition brings to a close the takeover battle that has raged between West Coast Capital and the grocer since Tesco snapped up its share in Dobbies.

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