The Co-op in talks to buy Nisa
The Co-op has entered exclusive talks to buy Nisa, just two weeks after rival Sainsbury’s chose to delay its potential bid.
The Co-op has now become the favourite to purchase the convenience store chain and it has been given a period of exclusivity.
Nisa chairman Peter Hartley told its members this week that the Co-op wanted to move on this matter “as quickly as possible”.
He added: “During these discussions the Co-op has confirmed, subject to further due diligence, its intention to progress matters as quickly as possible, in the hope that a transaction can be finalised. The Co-op is willing to incur costs on its own account to do this.”
A spokesman for the Co-op said: “We can confirm that we have entered into a period of exclusivity with Nisa, which will provide the opportunity for us to carry out more detailed due diligence in the coming weeks. After this period and subject to approval from our board, we hope to be in a position where we can put forward an offer to Nisa members.”
On 11 August Sainsbury’s pulled out of its exclusive talks surrounding a potential £130m takeover of Nisa due to competition concerns. The retailer announced it hoped to wait until UK competition regulators made a ruling on a similar tie-up between Tesco and Booker. The Competition and Markets Authority (CMA) is now likely to publish the intial findings of its investigation on this until the end of October.
Nisa has more than 1,300 members who operate more than 3,500 stores.
Earlier this month Morrisons signed a wholesale supply agreement with McColl’s, the chain which makes up more than 35% of Nisa’s business.