Co-op in exclusive takeover talks for wholesaler Nisa after tabling £140m offer
THE Co-op Group has entered into exclusive talks to acquire convenience store operator Nisa, which runs around 100 stores in Northern Ireland.
It has replaced Sainsbury’s as the front-runner in the process as it tabled a £140m bid for Nisa, whose 1,300 shopkeeper members run 3,000 stores in the UK.
Nisa’s member-owned shops are located across the province, with 50 Nisa Locals, 11 Nisa Extras, and another 40 independent businesses.
The Co-op said: “We can confirm that we’ve 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.
“Following 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.”
It comes after Sainsbury’s, which is under pressure to respond to Tesco’s £3.7bn merger with wholesaler Booker, is thought to have paused takeover talks with Nisa.
The supermarket giant is understood to be awaiting the findings of a Competition and Markets Authority probe into the Tesco-Booker deal before it makes its next move.
Details of the Co-op talks were also shared with Nisa members by the group’s chairman, Peter Hartley.
He said: “Your board has granted the Co-op a period of exclusive due diligence from today.”
He said a final offer was anticipated.