Following last week’s approval by both sets of shareholders.
Tesco has officially completed the £4bn ($5.51bn) takeover of the UK’s largest wholesaler Booker, after finally getting shareholder approval, the companies announced today.
The cash and shares deal, originally worth £3.7bn when it was first announced in January 2017, was implemented through a court-sanctioned scheme of arrangement.
Britain’s biggest retailer Tesco and Booker said the scheme was now effective after court approval on Friday.
Last December, the Competition and Markets Authority (CMA) had formally cleared Tesco’s £3.7bn deal to buy wholesaler Booker, saying it has no concerns following an in-depth review.
This meant that the proposed tie-up could go for shareholder approval, which took place on Wednesday last week. Following this approveal, Tesco’s Chief Executive Dave Lewis had said: “This merger is about growth, bringing together our complementary retail and wholesale skills to create the UK’s leading food business. This opens up new opportunities to provide food wherever it is prepared or eaten – ‘in home’ or ‘out of home’ – and will benefit our customers, suppliers, colleagues and shareholders.”
Leave a Comment