Nisa-Today's has confirmed that it aims to hold the shareholder vote on the final terms of its merger with Costcutter in October.

In a statement to Nisa-Today's members the organisation said it expected the board to vote on the terms in September. It said after that it would issue a circular to all members in preparation for an extraordinary general meeting to ratify the terms in October.

The final terms are expected to include proposals that members, who are all shareholders in the company, would get a 60% share in the business. That figure is greater than the previous 51% offer.

The board said it still fully backed the merger and added that the latest indications were that it would incur less bank debt than initally expected.

Finally, it said it had decided to hold off decisions to vote on a sale and leaseback scheme involving its ambient warehouse in Scunthorpe. It said it planned to vote on the scheme in October.

The Nisa Members Association, the group composed of Nisa-Today's members with concerns about the merger, threatened the board with legal action if they approved the sale and leaseback without the backing of all shareholders.

The NMA claimed that was the reason for the Nisa-Today's board delaying approval of the scheme.