One of the City’s most influential shareholder advisory groups has told investors in Booker Group to vote against a proposed £3.7bn sale of the cash-and-carry business to Tesco.
Institutional Shareholder Services (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”.
Its intervention is a worrying development for the country’s biggest supermarket chain just two weeks before a shareholder vote on the takeover.
