Co-op’s acquisition of Nisa has been officially completed today, despite a last-ditch effort by some shopkeepers to block the deal.
On Friday the court sanctioned the deal and today the deal will be officially completed.
This comes after the Competition and Markets Authority gave the green light to the £143 million takeover, stating that there was “sufficient competition in both the wholesale and retail sectors to ensure that shoppers are not worse off”.
Nisa’s chairman Peter Hartley said: “I am delighted that the court has sanctioned the wishes of our members.
“The acquisition of Nisa is now set to complete on Tuesday 8th May. The mood amongst our retailers is one of excitement as we look forward to life together with the Co-op.
“Our attention now turns to the future, and ensuring the benefits of the transaction are quickly passed to our members and their customers.”
Last week a group of disgruntled shopkeepers, dubbed “Justice for Nisa”, hired a lawyer to attempt to block the deal in Friday’s court hearing.
They also threatened to block the deal back in November over fears the terms were unfair, but the deal inched through with 75.8 per cent approval, just above the 75 per cent required.
In the new deal Nisa’s 1190 shopkeepers will receive £20,000 up front from Co-op, alongside deferred payments worth more than £410,000 for those owning more than 250 shares in Nisa.
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