Nisa-Today’s retailers are being urged to back a take-over bid for the wholesaler by the Bibby Line finance and logistics group, which already has a 51% share of Costcutter.
The board of Nisa-Today’s rejected the bid last Thursday saying it under-valued the business and such a move would lead to its demutualisation.
Bibby Line said the offer equated to more than £1,000 per share for every retailer or wholesaler that had maintained their volume of trade with Nisa-Today’s.
The bid would still allow retailers the opportunity to retain ownership in the business and they would continue to be represented on the board.
Managing director Sir Michael Bibby said: “This was a generous offer for Nisa shareholders and we are surprised it was rejected without the offer being put to members.
“In the current economic environment, Bibby feels many shopkeepers would be interested in discussing the merits of having access to cash and being part of a stronger and integrated retail group.
“Bibby also owns a majority share of Costcutter and the intention was to create the largest integrated distributor to independent retailers in the UK with the many mutual benefits this could bring.”
He said Bibby Line would be “very interested” to receive any feedback from Nisa members on the offer, which the company believes will “secure the strategic future of Nisa and is a great deal for members”.
