Co-op’s proposed £143 million takeover of Nisa is set to hit a snag with a group of rebel shareholders from the convenience store chain preparing to block the deal.
Nisa shareholders are scheduled to vote on the takeover next week, but according to The Sunday Times, some are opposed on the belief that the terms offered were unfair.
Co-op announced it would acquire Nisa last month, swooping in after Sainsbury’s decided not to withdraw from its exclusive talks with the convenience grocer and wholesaler.
As part of the deal, when the acquisition is completed Nisa members would each receive £20,000.
They would then be paid the outstanding £137.5 million over a four-year period.
While most Nisa members are expected to support Co-op’s offer, a smaller group with larger number of shops and shares are reportedly speaking to lawyers about blocking it.
They allege that the Co-op initially indicated during takeover talks in June that Nisa members with the maximum number of 250 shares would receive £100,000 upfront.