The consortium that bought out
Sir Tom Hunter has increased his exposure to garden centres after his offer of 86.5p a share for Blooms of Bressingham was recommended by the board. That values the company, which runs 10 sites, at £30.2m (US$59m).
Last June, Hunter, together with
Paul Davidson, a partner in Hunter’s
The Blooms deal was struck at a 23.8% premium to the shares’ average closing price for the six months prior to the announcement of the offer on January 15. Irrevocable undertakings to accept the bid have been received from shareholders representing 37.6% of the share capital.
Charles Good, chairman of Blooms, said: “The garden centre sector is going through a period of accelerating change where there are clear benefits from joining forces.”
Teather & Greenwood advised Blooms.
Hunter also has an 8% stake in AIM-listed Dobbies Garden Centres and a 29.9% holding in Flying Brands, which owns a florist in Jersey among other businesses.