Sir Tom's West Coast Capital (WCC) investment company has agreed to sell its 29.2 per cent holding in Dobbies to Tesco for £36.3m, allowing the retailer to take the company private.
Tesco already owns 65.5 per cent of the Midlothian-based chain.
The 1200p a share offer accepted today by WCC values Dobbies at £124.5m and is well below Tesco's original 1500p offer tabled last June - which Sir Tom said undervalued the business's long-term potential.
Last week Sir Tom lost a legal battle with Tesco to prevent a £150m open offer of new shares to raise funds from investors for expansion.
It would have cost around £40m for WCC to buy the extra shares and maintain its stake in the business, which could otherwise have fallen to around 15 per cent.
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