Nisa-Today’s, the independent retail supplier, has proposed a merger with convenience store chain Londis.
Nisa which supplies Budgens, Costcutter and Londis stores said it would not join the bidding war for Londis. It bypassed the sales process set up by the Londis board and sent an open letter to the group’s shareholders, urging them to consider a merger.
Nisa’s executive chairman Dudley Ramsden, said in the letter: “It is my belief that you should remain within a mutual organisation and in control of your own destiny.”
Stephen Barrett, international chairman of KPMG Corporate Finance, which is overseeing the bidding process said the company was ready to consider a merger as well as takeover opportunities. He said: “We are puzzled by Nisa-Today’s letter to Londis shareholders. If they are serious about giving Londis’s shareholders and attractive opportunity, they should join in the process.”
About six serious bidders including Big Food Group, the owner of Iceland, Somerfield and Musgrave are in talks with KPMG.
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