Nisa shareholders back Co-op takeover
The Co-op has secured the £143m takeover of Nisa, with slightly more than the 75% of votes required to succeed.
The board recommended last month that the 1,190 shopkeepers who own Nisa accept the deal, and yesterday the members voted with 75.8% supporting the deal. The remaining 24.2% voted against the takeover.
Nisa chairman, Peter Hartley, said: “We as a board are firm in our belief that a combination with the Co-op is the best interest of Nisa’s members. 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.”
The deal will still need approval from the Competition and Markets Authority, and this is expected to take place in March next year.
Nisa said the deal gave the merged group seven times the buying power of Nisa, and it added that shopkeepers would be able to choose how much they buy from the Co-op. Its members include those running small chains, giving the business a network of 2,400 stores as well as a wholesale business.