Bibby Line Group has made a second bid to buy Nisa-Today’s, which was being discussed by the buying group’s board yesterday.
Bibby, which owns 51% of Nisa’s biggest member Costcutter, said it was now offering £1,200 per share, and has valued the company at £134m. This is a 20% increase on the £1,000-per-share offer it made last month.
A Nisa statement said: “Nisa-Today’s has received a second approach from Bibby Line Group, which may or may not lead to an offer to acquire the share capital of the company.”
The board dismissed the first bid without allowing its members to vote, on the grounds that it undervalued the company. One of Nisa’s wholesale members said he would like to have the chance to vote on the offer this time.
“I think the offer of cash would be quite tempting to a lot of businesses at the moment,” he said.
Bibby bid for the company after it learned it was likely to lose a £75m-a-year distribution contract for Nisa-Today’s from 2011 to 2018. If Bibby fails to buy Nisa’s and does not secure the distribution contract it could withdraw Costcutter from the buying group from 2014.