The Co-operative Group has been revealed as the latest party to state its interest in the takeover of convenience wholesaler Nisa. Nisa has granted the retailer an “exclusive” opportunity to conduct due diligence in the company, with a view to making an offer.
Talks between the two parties have continued in recent weeks, according to a memo from Nisa chairman Peter Hartley, who heads the board, to the rest of its members.
“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,” stated Hartley.
“Key elements of the discussion remain ongoing and while these are not yet resolved the conversations with the Co-op to date have been pragmatic and constructive. Your Board continues to focus on resolving them in a manner which is satisfactory to members.”
This development follows on from supermarket giant Sainsbury’s attempt to acquire Nisa had stalled earlier this month over fears of intervention by the Competition and Markets Authority (CMA). The CMA originally had expressed concerns over a similar merger between Tesco and grocery wholesaler Booker.
Exclusive talks with Sainsbury’s has since expired, with Sainsbury’s expected to hold firm until the CMA’s findings in Tesco’s move of Booker are revealed by the end of October.
*Read SHD Logistics' September issue for more news on this matter