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Tesco completes Booker acquisition

U.K. supermarket operator Tesco PLC on March 5 completed its merger with food wholesaler Booker Group PLC, according to a same-day announcement.

The deal was unveiled Jan. 27, 2017, and the Competition and Markets Authority approved the transaction Dec. 20, 2017. Booker shareholders on Feb. 28 voted for the sale of the company to Tesco, despite investment firm Sandell Asset Management Corp.'s demands for a higher bid from the purchaser.

Booker shareholders will receive 42.6 pence in cash and 0.861 new Tesco share for each Booker share. Booker shares have been delisted from the LSE, while 1,547,854,846 new Tesco shares issued in connection with the deal will be admitted to trading on the London Stock Exchange's main market on March 5 at 8 a.m. local time.

As previously announced, Charles Wilson will be the chief executive of Tesco's U.K. and Ireland operations. Stewart Gilliland resigned as chairman and a non-executive director of Booker and has been appointed to Tesco's board as a non-executive director, effective March 5.