Tesco now owns 90.13 per cent of the shares in Dobbies, after announcing last week that it would take the retailer private within the next month.
The grocer, which needed 75 per cent of the shares to take the company private, has announced that it would require shareholders that are yet to accept the offer to transfer their shares on or after July 28.
Last week, Tesco said it would pay 1,200p a share for the remaining shares in Dobbies, which was previously owned by Sir Tom Hunter’s West Coast Capital. The deal values the garden centre retailer at£124.5 million.
After spending months trying to block the takeover, Hunter announced his intention to sell his 29.2 per cent stake in the retailer to Tesco for£36.3 million at the end of May.
Hunter upped his stake in the retailer beyond 25 per cent to make it impossible for Tesco to get the 75 per cent of shares required to force a takeover.
He also unsuccessfully attempted to get court backing to scupper a rights issue by Tesco.
No comments yet