Mar 27, 2017
Tesco shareholder opposes £3.7bn Booker takeover
In a letter to Tesco's chairman John Allan, Schroders said the "High price" being paid for Booker would destroy value for investors. It claims the price that Tesco has offered for Booker "Will make the creation of shareholder value extremely challenging". Another major Tesco shareholder, Artisan Partners, which also owns a 4.5% stake, opposes the deal as well, according to reports. Tesco surprised investors in January when it announced the £3.7bn takeover of Booker. The acquisition has already cost Tesco its senior independent director, Richard Cousins, who left because he disagreed with the takeover.
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