B&M European Value Retail SA, the U.K. retailer chaired by former Tesco Plc boss Terry Leahy, is pressing ahead with an initial public offering that may value the discounter at as much as 2.9 billion pounds ($4.9 billion).
Tesco Plc’s former Chairman Ian MacLaurin publicly criticized the legacy left by Terry Leahy and asked for his successor as chief executive officer to be given more time to turn around the U.K.’s largest grocer.
B&M European Value Retail SA, the U.K. discount retailer whose chairman is former Tesco Plc boss Terry Leahy, narrowed the price range for its initial public offering, according to two people familiar with the matter.
Tesco Plc Chief Executive Officer Terry Leahy marked his last announcement of the U.K. retailer’s results by reporting profit that beat estimates and forecasting an earlier end to U.S. losses than some had anticipated.
Tesco Plc Chief Executive Officer Philip Clarke said he’s not ready to pledge an improvement in sales growth after the U.K.’s largest grocer reported the steepest decline in domestic revenue since he first stocked shelves as a schoolboy four decades ago.