The Co-Operative Advances Talks To Acquire Nisa
UK retailer The Co-operative has entered into talks to acquire convenience chain Nisa, trumping its rival Sainsbury's, according to Sky News.
The news outlet reports that the board of Nisa Retail has granted a period of exclusivity to the Co-op to negotiate a takeover of the business.
Nisa's chairman Paul Hartely informed shareholders that the Co-op had 'confirmed, subject to further due diligence, its intention to progress matters as quickly as possible'.
Earlier this month, Sainbury's halted talks over its potential £130 million takeover of Nisa, which operates over 2,500 independently-owned stores across the UK, after concerns that it would lead to a competition investigation.
The battle to consolidate the convenience store market in the UK is ongoing. In June, it was reported that Sainsbury's was close to submitting a formal bid to acquire Nisa, which was seen as a counter to Tesco’s £3.7 billion acquisition of Booker.
However, the UK's Competition and Markets Authority is currently investigating the proposed Tesco-Booker merger, to asses 'whether the deal could reduce competition and choice for shoppers and other customers'. A decision is expected before the end of 2017.
Meanwhile, earlier this month, discount retailer B&M acquired convenience-store chain Heron Food Group.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.