Tesco set to raise bid for Wm Low to 350p a share
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.TESCO is expected to raise its offer for William Low to 350p a share after a meeting today, capping Sainsbury's 305p offer for the Scottish supermarket chain.
Analysts said Sainsbury could come back with an even higher bid, of perhaps 380p, later this week or early next week.
James Millar, chairman of Wm Low, repeated his advice to shareholders not to take any action on Sainsbury's pounds 210m offer until after the Tesco board meeting.
The Scottish supermarket chain had recommended a pounds 154m bid from Tesco before Sainsbury weighed in last Thursday.
For both groups the attraction of taking over Wm Low would be the creation of a significant presence in Scotland, where their market share is lower than south of the border, without going through a series of planning hearings.
Nick Bubb, retailing analyst at Morgan Stanley, said: 'Tesco would not ideally want to pay 350p, but it could afford it without much dilution. In strategic terms it is easy to justify.'
Wm Low shares closed at 323p on Friday.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments