A Scottish property tycoon has again upped his stake in the Dobbies garden centre chain, as supermarket giant Tesco continues its battle to take over the company.
Tom Hunter's investment vehicle West Coast Capital (WCC) snapped up an additional 100,000 Dobbies shares at 1,480 pence each, according to a regulatory filing at the London Stock Exchange.
The businessman now has a total stake of 27.66 per cent in the garden centre business, with his latest purchase of shares apparently designed to try and scupper Tesco's £155.6 million bid made for the Scottish business.
In order to complete the deal the supermarket has until August 19th to secure the 50 per cent backing it needs from Dobbies shareholders for the takeover to succeed. But at present it has support from just 32.6 per cent of investors.
Hunter has made no secret of his opposition to a Tesco takeover, with WCC declaring in a statement earlier this month that it would not back the retailer's bid as it failed to "reflect the true value" of the Dobbies chain.
But Dobbies, which operates 21 outlets across England and Scotland, is keen for investors to accept the Tesco bid.
In a further letter to shareholders yesterday the company's board again pressed them to back the supermarket's offer.
The garden centre company said the letter reminded investors "that if the offer lapses there can be no certainty at this point as to whether and on what terms any new offer for Dobbies might be made".
"In particular, there is no obligation upon Tesco Holdings or West Coast Capital to make any further offer for the company at any time in the future in the event that the offer lapses," a statement released by Dobbies stressed.
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