Musgrave to buy Londis following shareholder vote

Irish retailer Musgrave has won the battle for Londis after the symbol group's shareholders voted overwhelmingly in favour of the deal.

At an EGM last Tuesday, 97 per cent of the 1,626 shareholders who cast votes gave the green light to Musgrave's£60 million offer. The deal should be completed on July 23, after the High Court has approved the acquisition. Musgrave has fought off a rival bid from two former T&S Stores directors' Lancelot vehicle.

Musgrave UK executive chairman Eoin McGettigan said: 'The underlying aim of this acquisition is to demonstrate to shoppers that the independent grocery sector is strong, vibrant and able to provide a real alternative to supermarket shopping.'