Independent buying group Nisa-Today’s has proposed a merger with convenience store chain Londis.

Nisa said it would not join the bidding process for the symbol group. But in a letter to Londis shareholders said a merger of the two businesses would create a company with £2bn in sales, and able to compete with multiple retailers entering the convenience sector.

Chairman of Nisa-Today’s, Dudley Ramsden promised to redeem shares at the net asset value should Londis retailers become dissatisfied “with the service and benefits given by the merged companies”.