Tesco Plc and Booker Group plc have reached an agreement on the terms of a recommended share and cash merger, according to a joint statement released by the companies today.
Reportedly, by bringing together Tesco and Booker’s retail and wholesale expertise, supply chain and digital capabilities, the Combined Group will be able to provide greater choice, quality, price and service in the food market.
Also, the merger is expected to present consumers with 'better availablity of quality food at attractive prices' as well as serving better the out of home food market better.
Commenting on today’s Announcement, Dave Lewis, Chief Executive Officer of Tesco said: “Tesco has made significant progress in turning around our UK retail business. This Merger with Booker will further enhance Tesco’s growth prospects by creating the UK’s leading food business with combined expertise in retail, wholesale, supply chain and digital. Wherever food is prepared and eaten – ‘in home’ or ‘out of home’ – we will meet this opportunity with the widest choice and best service available.”
The proposed merger will bring benefits for consumers, independent retailers, caterers, small businesses, suppliers, and colleagues, as well as delivering significant value to shareholders.
According to Charles Wilson, Chief Executive Officer of Booker, “Booker is committed to improving choice, prices and service for the independent retailers, caterers and small businesses that we are proud to serve. We believe that joining forces with Tesco offers the potential to bring major benefits to end consumers, our customers, suppliers, colleagues and shareholders.”
© 2017 - Checkout Magazine by Donna Ahern