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Schroders urges Tesco to withdraw $4.7 bln Booker offer
March 27, 2017 / 5:11 PM / 9 months ago

Schroders urges Tesco to withdraw $4.7 bln Booker offer

LONDON, March 27 (Reuters) - Schroders, one of Tesco’s largest investors, on Monday called on the supermarket group to withdraw its 3.7 billion pound ($4.7 billion) agreed offer for wholesaler Booker, saying it was unlikely to create shareholder value.

In a letter to Tesco Chairman John Allan, seen by Reuters, Schroders also called on other investors who shared its view to speak out.

Schroders is Tesco’s third-largest investor with a 4.49 percent holding, according to Reuters data.

The Financial Times, which first reported Schroders’ stance, said Artisan Partners, which holds 4.48 percent, also opposes the Booker deal. ($1 = 0.7961 pounds) (Reporting by Carolyn Cohn and James Davey)

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