February 28, 2018 / 12:34 PM / in 4 months

Booker shareholders back Tesco takeover at general meeting

LONDON (Reuters) - Shareholders in Britain’s largest wholesaler Booker BOK.L on Wednesday backed a takeover by Tesco (TSCO.L), the country’s biggest retailer, according to provisional voting figures.

A branded sign is displayed outside of a Booker Wholesale store in London, Britain January 27, 2017. REUTERS/Neil Hall

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

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

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

An earlier meeting of Tesco investors also voted through the deal, which is now expected to complete on March 5.

Reporting by James Davey and Alistair Smout

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