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UK - West Coast Capital loses out on Dobbies

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Tesco looks set to secure Dobbies, the Scottish gardening chain listed on AIM. The ТЃ155.6m deal represents a 45x price/earnings multiple. The deal, subject to further Dobbies shareholders accepting the offer, is a blow for West Coast Capital which decided not to launch a rival offer despite owning a 26% stake in the company.

West Coast Capital planned to acquire Dobbies as part of its consolidation of the gardening centre market. In 2006, a consortium of investors led by West Coast Capital undertook the £310m take-private of the Wyevale Garden Centre chain before adding Blooms of Bressingham in a £30.2m delisting this year.
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