Nisa members vote in favour of Co-op takeover
Nisa Retail’s members have voted in favour of the Co-op Group’s offer to buy 100% of the business for up to £137.5 million.
At a meeting held in Leeds, members voted 75.79% in favour and 24.21% against the Co-op’s offer. The offer requires clearance from the Competition and Markets Authority which is expected around the end of March next year.
Nisa chairman Peter Hartley said: “We are delighted that our members have chosen in such significant numbers to vote in favour of Co-op’s offer. We as a board are firm in our belief that a combination with the Co-op is in the best interests of Nisa’s members. The convenience store environment is changing rapidly, and is unrecognizable 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.”
Jo Whitfield, chief executive of Co-op Food, added: “We are delighted that Nisa members have supported our offer and our ambition to create a stronger member-led presence within the UK convenience sector. Together Co-op and Nisa can go from strength to strength, serving customers up and down the country and creating real value for them in their communities."
Nisa shareholders will receive an equal initial payment, a deferred share payment payable over three years, as well as additional rebates payable over four years.
Last month, Nisa reported that its first half total sales rose by 12.4% year-on-year to £728 million.
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