Breaking News: Booker Shareholders Approve Tesco Deal

                                                                                           
83% of Booker’s investors are reported to have voted in favour of the transaction despite recent calls by shareholder advisory groups to reject Tesco’s cash-and-shares offer [more]

• With 83% of Booker’s investors in favour of the transaction, despite recent calls by shareholder advisory groups for an improved Tesco cash-and-shares offer...
• …this has to mean that shareholders believe that there is a greater long term value in the deal…
• It also indicates that most Tesco-Booker initiatives will be supported...
• Only issue will be what happens if the company cannot improve its bottom line in the process...

Tesco-Booker and the rest...

The unintended consequence of an unprecedented merger:

• This issue is not about increased Tesco buying power (Booker would add 10% to Tesco purchases)
• The real issue is that Booker will be able to avail of Tesco buying terms, resulting in unmatchable competition for wholesalers not so privileged…
• Time for suppliers to conduct what-ifs on supplying all wholesalers on Tesco terms?
• Or watching Tesco-Booker grow at the expense of other wholesalers - same difference?
• Or other wholesalers being taken over by other mults? - almost same difference?