A group of Nisa shopkeepers unhappy with the takeover by the Co-operative Group, reportedly aim to block the move. Shareholders are scheduled to vote on the takeover next week, however, some are opposed, believing the terms offered are unfair. Co-op announced it would acquire Nisa, jumping on the chance after Sainsbury's decided not to withdraw from its exclusive talks with the convenience grocer and wholesaler.
The shopkeepers are currently taking legal advice on how to block the deal, saying it favours smaller shareholders. Once the deal is completed, Nisa members will each receive a £20,000 payment, and payments amounting £137.5 million will be handed out to members over the next four years. Meanwhile, a Nisa spokesperson said, “The feedback from recent shareholder meetings suggests growing support for the Co-op's offer. Many convenience retailers are struggling against significant headwinds from the minimum wage, dark tobacco, Brexit, rising rents, and the entrance of larger competition into convenience. There is growing demand for a tie up that provides greater buying power, an enhanced range, better fresh and chilled, and lower cost prices.”
