Nisa-Today’s has rejected an offer to take over the business by Bibby Line, the financial and logistics group that took a controlling 51% share of Costcutter in 2007.
A statement today (Friday) by Nisa-Today’s said it had recently received an “unsolicited approach” from Bibby Line Group, “which may have led to an offer to acquire the entire share capital of the company”.
The board of Nisa-Today’s (Holdings) met yesterday (Thursday) to discuss the approach and unanimously resolved that it should be rejected.
In the board’s view, the approach represented a “significant under-valuation of Nisa-Today’s and would have meant the demutualisation of the company”.
The board has made shareholders aware of this development.
“However, the approach received has been rejected outright and it continues to be very much business as usual for Nisa-Today’s,” said the statement.
