Investors in Booker Group have been told by a second shareholder advisory group to vote against a planned £3.7bn takeover by Tesco as doubts about the deal continue to mount.
Glass Lewis said that the premium offered by Tesco “clearly lags regional trends”, adding: “We see little cause for Booker investors to support what appears to be a less-than-compelling control transaction.”
The report from comes just days after Institutional Shareholder Services, another advisory group, also recommended that Booker shareholders should block the deal. ISS said that the recent uplift in Booker’s share price meant that Tesco “appears to be getting the better deal under the current terms”.
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