An activist US hedge fund trying to push Tesco to pay more for Booker Group claims that a growing number of shareholders supports its position.
Sandell Asset Management, which holds a 1.75% position in Booker, said last week that it intended to vote against Tesco’s proposed £3.7bn takeover of the cash-and-carry wholesaler. It claimed in a letter to the board of Booker that Tesco was “getting a great asset and a great management team on the cheap”.
Sandell said yesterday that since it had sent the letter it had received feedback from a host of other Booker shareholders, many of which “validated our thinking and position on the deal”.
