Tesco has officially completed its takeover of the UK’s biggest supplier Booker nearly a year after the £3.7 billion deal was announced.
On Friday last week Tesco’s shareholders voted to greenlight the takeover deal with an 83.4 per cent majority.
On the same day, Booker’s shareholders also pledged their support for the deal with an 85.22 per cent majority – despite calls from independent investment firms to reject the deal.
Although the proposed takeover was first announced last May, the deal didn’t received approval from the Competition Markets Authority (CMA) until December, quashing fears it may be rejected on the grounds of giving the new retail giant an unfair advantage.
The new, merged company is now the size of Sainsbury’s, Morrisons, Marks & Spencer and Ocado put together.
The takeover is now in effect and Booker has been de-listed from the London Stock Exchange (LSE).
Tesco has subsequently offered 0.861 shares for every one Booker share and 42.6p in cash.