Nisa Retail has announced that its members have voted in favour of Co-op’s offer to buy 100% of the business for up to £137.5 million.
A majority of 75.79% of Nisa’s members voted for the deal, as opposed to 24.1% who voted against.
The offer requires clearance from the Competition and Markets Authority, which is expected around the end of March next year.
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.
Nisa chairman, Peter Hartley, commented: “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.”
Jo Whitfield, CEO 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.”
This story was originally published on a previous version of the Meat Management website and so there may be some missing images and formatting issues.
