CHESHUNT, England -- Tesco here said last week that more than one-half of the ordinary shareholders of Scottish food retailer William Low had accepted its takeover offer.
July offer for William Low, effectively knocked J. Sainsbury out of the running to acquire the Scottish supermarket chain.
Tesco said last week that 58.1% of William Low ordinary shareholders had accepted its revised offer of about $5.54 (360 pence) per share. Tesco's original offer was about $3.45 per share, which Sainsbury then topped with a $4.70 per-share bid.
Tesco said its revised offer remains open until Sept. 6. The company added that just under 50% of Low's convertible preference holders had accepted its offer.