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Dobbies issues second rallying call for shareholders to back Tesco bid

Published: 14 August 2007
The board of Dobbies has written to shareholders for a second time reminding them that the Tesco deal is the 'the only one on offer'.
Dobbies issues second rallying call for shareholders to back Tesco bid
The letter emphasises the key reasons for Dobbies to continue recommending that all shareholders accept the cash offer.

It adds that the offer is open for acceptance until 1pm Sunday August 19, 2007.

"In the absence of a competing offer from a third party the offer will not be extended beyond the date," Dobbies wrote.

The letter comes a day after Dobbies clarified one of the conditions of the sale saying that if the £156m deal is not accepted, Tesco would not be able to bid for a year.

Sir Tom Hunter's vehicle, West Coast Capital (Lios) cannot bid for six months.

Dobbies' pressure on shareholders follows the garden centre chain's ceo entering into a war of words with Sir Tom Hunter.

James Barnes said the entrepreneur had the chance to bid for Dobbies, but said the price (1170p) was too expensive when the parties spoke at the beginning of the year.

A spokesperson for West Coast said it was 'utterly wrong' for Dobbies to sign up to Tesco when other offers were available.

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