The board of Nisa-Today’s (Holdings) has rejected a second increased bid by Bibby Line Group Limited to buy the company.
The board said the second approach represented a significant improvement but it was not in the best interests members.
It said the takeover would have resulted in an end to its mutual status, which many members value, that the bid was still an undervaluation, and that the headline offer of £133m overstated the real price.
Bibby said the approach was its final offer. Managing director Sir Michael Bibby commented: “Naturally Bibby Retail Services is disappointed with the Nisa board’s rejection of this deal. However we are encouraged that members now have access to the full details of our generous £134m offer on their website although we hoped they would have been consulted on it in advance of a decision.
“We remain confident in the strategic logic and rationale for the deal and strongly believe that it would have been in the best interests of members having addressed the mutuality issues in full. It would have also created significant value for members providing many with a total payment of around £120,000, as well as board representation.”