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Hunter gets his 25%; Tesco reduces conditions for shareholders

Published: 20 June 2007
Another day, another Dobbies tale to relate.
Sir Tom Hunter has gained 25.57% to block Tesco's cash bid, however it has emerged that Tesco reduced the acceptance level to shareholders saying its bid would be valid with only 50% of the shares taken.
Earlier in the day, West Coast Capital bought more than 22% of the share capital before its purchase of 315,783 Dobbies' shares at 1845p at close of play, taking the total to just above 25%.

It was the fourth time in a week West Coast has bought an increased stake in Dobbies, yet the outcome of this tussle is unclear despite Sir Tom's moves.

A spokesman for the investment vehicle said the company was 'still considering' all of its options.

While a broker speaking to the Retail Bulletin website said, the 'ball is in Tesco's court', and added that 'no one is going to accept an offer of 1,500 pence if they (West Coast) have bought at 1,845 pence.'

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