The Co-op’s swoop for Nisa took a giant step forward today when the symbol group and wholesaler’s board recommended the £137.5m offer to shareholders.
Assuming Nisa members vote the deal through in November – and the competition authorities give the acquisition the green light – it marks another significant shift in the changing convenience and wholesale sector.
The grocery industry is rushing to consolidate following Tesco’s protracted £3.7bn Booker buy and there are plenty of deals still in the offing.
Costcutter’s owner Bibby Lane is reviewing options for the symbol group and Morrisons could look to further ramp up its convenience and wholesale credentials, having already struck a supply deal with McColl’s.
Sainsbury’s could have something up its sleeve after pulling the plug on Nisa takeover talks, while Asda is playing catch-up to its big four rivals and could be preparing to dip into owner Walmart’s deep pockets.
Given the nature of the two companies, member-owned Nisa has found what would be a comfy new home under the Co-op roof.
But it is unlikely to be the only business shacking up with new parents or partners in the coming years.
Quote of the day
“To help customers who still have the old coins, we’ll continue to accept round pounds at our tills and self-service machines for an additional week.”
Tesco explains its U-turn on accepting old £1 coins beyond this Sunday’s deadline.
Today in numbers
The amount Asos will charge for same-day delivery, which it has launched in London.
The rise in pre-tax profits registered by Ted Baker in the 28 weeks to August 12.
Fashion retailer Quiz posts its interim results.