February 28, 2018 / 12:23 PM / 7 months ago

Booker says shareholders back Tesco takeover at scheme court 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.

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

At a scheme court meeting of Booker investors 83 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.

The deal is being implemented through a court-sanctioned scheme of arrangement.

A separate general meeting of Booker shareholders will follow shortly, requiring 75 percent support.

Earlier, Tesco shareholders backed the deal at their own general meeting.

(This story corrects Booker votes cast percentage in para 2 to 83 percent)

Reporting by James Davey and Alistair Smout

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