08 Jun 2007
Recommended cash Offer for Dobbies Garden Centres plc
Tesco to meet customers’ green aspirations through garden centre market
The boards of directors of Tesco PLC (“Tesco”) and Dobbies Garden Centres plc (“Dobbies”) announce that they have reached agreement on the terms of a recommended cash offer for Dobbies by Tesco Holdings Limited (“Tesco Holdings”) at a price of 1,500 pence in cash for each Dobbies Share, valuing the entire issued and to be issued share capital at approximately £155.6 million. As a first step, Tesco Holdings has contracted to acquire and has options to acquire a 22.6 per cent. stake in Dobbies and has received irrevocable commitments over a further 2.7 per cent.
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