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Dobbies faces uncertain future

Created:
15 August 2007
Written by:
Stephen Gunnion

Dobbies Garden Centres' board has reiterated its recommendation of Tesco's 1,500p cash-per-share offer - the shares currently trade at 1,457p - after West Coast Capital (WCC) said it wouldn't make an offer. But with WCC continuing to build its stake - now over 25 per cent - Tesco could struggle to delist Dobbies. Brokers Seymour Pierce say Dobbies' shareholder structure could be uncomfortable given WCC's two key competitors: Blooms and Wyevale.

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While delisting Dobbies could prove challenging, the offer still represents a decent premium to Dobbies' share price prior to the deal being announced. Bid situation.

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