Sir Tom Hunter has failed to force Tesco to abandon a £150m refinancing plan at an Edinburgh court.
His West Coast Capital investment vehicle, which owns around 29.2% of Tesco’s Dobbies Garden Centres, had claimed that the refinancing was riding roughshod over the interests of minority shareholders.
Sir Tom will have to pay £44m if he wants to maintain his holding now that a share issue in the garden centres will go ahead. Sir Tom threatened to “continue down the legal process” should a “fair solution” not be forthcoming.
The Guardian says that Sir Tom will ask Tesco to buy out his stake in contrast to other reports that state the fight will go on.
16/05/08 Financial Times 17; Times 46; Guardian 29; Independent 39
