Numerous Nisa shopkeepers are launching a last-ditch attempt to prevent the £143million takeover by the Co-op going ahead.
Under the banner of “Justice for Nisa” an estimated 20 to 30 store owners have hired a lawyer in a bid to block the move, according to The Guardian, citing a number of shareholders who now regret the decision to approve the deal.
The tie-up was given the go ahead when shareholders returned a 75.8 per cent vote in favour of merging with the Co-op, just 0.8 per cent over the required majority.
Last week the Competition and Markets Authority rubber-stamped the deal on the grounds that it would not affect customer choice or push up prices.
Members of the opposition group wrote in an email: “Since the vote was forced over the line by a minute majority, a group of members have been working hard to create a valid and worthwhile representation to the court hearing, objecting to the takeover on a number of grounds.
“There appears to be an ever increasing number of shareholders who regret the decision to sell and a swell of support to challenge the completion.”
A Nisa spokesman said: “Nisa remains confident that all appropriate legal process has been observed throughout the scheme of arrangement and vote – which resulted in overwhelming member support for the Co-op’s acquisition.”
