Monday, 13 November 2017

Nisa shareholders back £137m Co-op Group takeover

Shareholders in the Nisa convenience store group have approved the chain's £137m takeover by the Co-operative Group.

The deal was backed by 75.79% of shareholders' votes at an emergency meeting, narrowly exceeding the 75% threshold required to approve the deal.

Nisa is a member-owned business that has more than 3,000 stores and operates a wholesale business.

The deal still needs to be approved by the Competition and Markets Authority.

The Nisa board said the deal was in the "best interests" of members.
Nisa chairman Peter Hartley said: "The convenience store environment is changing rapidly, and is unrecognisable from that which existed when Nisa was founded more than 40 years ago.

"Co-op will add buying power and product range to our offering, while respecting our culture of independence."

Under the deal, Nisa members will still have the option of choosing not to buy goods through the Co-op.

Nisa shareholders will receive an equal initial payment of £20,000, plus deferred payments depending on how many shares they hold.

BBC      News.

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