Convenience retailer Nisa sought by Co-op

Nisa Retail’s board has granted a period of exclusivity to the Co-op group to negotiate a takeover of the Scunthorpe-based business.
TheBusinessDesk.com understands that Co-op moved forward yesterday after the £130m Sainsbury’s stalled takeover talks earlier this month awaiting a verdict from the Competition and Markets Authority.
Nisa’s chairman, Peter Hartley, told shareholders yesterday that it was “its intention to progress matters as quickly as possible, in the hope that a transaction can be finalised.”
Nisa Retail, based in Scunthorpe, has around 3,000 convenience stores nationwide. In a statement released to Sky, a Co-op spokesman said: “”We can confirm that we’ve entered into a period of exclusivity with Nisa, which will provide the opportunity for us to carry out more detailed due diligence in the coming weeks.

“Following this period and subject to approval from our board, we hope to be in position where we can put forward an offer to Nisa members “