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Counter-hostility as defensive strategy in a hostile takeover: The acquisition of Hillards supermarket chain by Tesco

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  • Philip Garnett
  • Simon Mollan
  • Benjamin Richards

Abstract

Hillards was a retail supermarket firm based in Yorkshire in the North of England between 1885 and 1987, when it was subject to a hostile takeover from Tesco. Using archival and interview data this article explores how Hillards pursued a sensemaking process to engage in a strategy of counter-hostility to the takeover attempt. Ultimately the firm was acquired by Tesco. By examining Hillards’ defence strategy, this paper contributes to the understanding of the nature of strategy-making within a takeover. The article shows how in defeat Hillards was able to secure a partial victory in the form of a substantially increased cost of acquisition, so maximising shareholder value. This contributes to the history of the supermarket sector, and the history of family firms in the UK.

Suggested Citation

  • Philip Garnett & Simon Mollan & Benjamin Richards, 2025. "Counter-hostility as defensive strategy in a hostile takeover: The acquisition of Hillards supermarket chain by Tesco," Business History, Taylor & Francis Journals, vol. 67(5), pages 1247-1269, July.
    • Handle: RePEc:taf:bushst:v:67:y:2025:i:5:p:1247-1269
    DOI: 10.1080/00076791.2024.2321918
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