Co-op makes formal offer to buy Nisa
The Co-operative Group has offered £143m for Nisa, a member-owned business that has more than 3,000 stores. Nisa also operates a wholesale arm.
The bid is still awaiting approval from Nisa’s 1,200 members.
Nisa Chairman Peter Hartley said: “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.”
Jo Whitfield, food chief executive at the Co-op, said: “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.”
As part of the deal, the Co-op would also take on Nisa’s existing debt of £105m. The deal would also have to be approved by competition authorities.
Meanwhile Tesco is still in the process of trying to acquire Booker, which supplies products to the convenience sector. The deal is currently being investigated by competition regulators.