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Latest Share Chat

Booker shareholders back Tesco takeover at general meeting

Wed, 28th Feb 2018 12:26

LONDON, Feb 28 (Reuters) - Shareholders in Britain's largestwholesaler Booker on Wednesday backed a takeover byTesco, the country's biggest retailer, according toprovisional voting figures.

At a general meeting of Booker investors 83.4 percent ofvotes cast approved the deal, which was valued at 3.7 billionpounds when it was agreed in January 2017 but worth 3.95 billionpounds at Tuesday's closing share prices.

Booker required the support of 75 percent of votes cast forthe deal to proceed.

The deal is being implemented through a court-sanctionedscheme of arrangement. An earlier scheme court meeting of Bookershareholders also saw them back the takeover.

An earlier meeting of Tesco investors also voted through thedeal, which is now expected to complete on March 5.(Reporting by James Davey and Alistair Smout)

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