February 8, 2018 / 6:53 PM / 11 days ago

Activist Sandell calls on Booker to secure better Tesco bid terms

LONDON, Feb 8 (Reuters) - Activist investor Sandell Asset Management plans to oppose Tesco’s 3.7 billion pound ($5.2 billion) takeover of Booker Group unless the wholesaler secures a better offer from Britain’s biggest retailer.

The New York based hedge fund said in a statement on Thursday that it holds a 1.75 percent stake in Booker and that it had expressed its concerns about the Tesco takeover to Booker’s board.

Booker shareholders will have to approve Tesco’s offer at a vote in order for it to proceed. ($1 = 0.7191 pounds) (Reporting by Ben Martin; editing by Alexander Smith)

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