Nisa board recommends Co-op takeover offer
Nisa’s board has unanimously recommended a £143m takeover offer from the Co-operative Group.
Under the terms of the deal - which still needs approval from Nisa members and the Competition and Markets Authority - the Co-op would buy 100% of the shares in Nisa for up to £137.5m, plus the payment of associated deal costs of up to £5.5m. The Co-op would also take on the existing Nisa debt of £105m.
Nisa Chairman Peter Hartley said the bid is in the best interests of its members. “The Co-op offers the right blend of buying capability, convenience expertise, and respect for the heritage of our business, to enable our members to fully thrive in this new partnership” he said.
Jo Whitfield, food chief executive officer of the Co-op, said: "This acquisition provides the opportunity to create an even greater and more compelling member-led presence within the UK convenience sector. We believe we have presented a compelling offer for Nisa members, with a future proposition that would bring them our award winning own label products and wide range.”
The Co-op plans to retain Nisa as a standalone business and brand, which has around 1,190 members and services 3,200 stores, with the aim of attracting new members to the combined business.