Londis retailers have given Musgrave’s bid for their group an enormous endorsement in an exclusive telephone poll conducted for The Grocer.
Only two Londis retailers out of 100 contacted said they would vote against the bid, with 65 in favour.
One third of the poll said they had not yet decided, many because they had not received the details of Musgrave’s offer. The deal has been unanimously recommended by the Londis
board as its preferred option and with Musgrave only requiring a 75% vote in favour for the deal to go through, it would appear almost certain to succeed unless any third parties intervene.
The offer also received the endorsement of the leaders of two protest groups which were formed after an earlier bid.
They were set up when it was revealed that executives would pocket more than £20m from an earlier bid leaving £10,000 for each retailer, but now retailers are set to gain £31,000 while the executives will receive nothing.
Adrian Costain of the Londis Shareholders Action Group said: “A lot of hard work by members of our group has resulted in a three-fold increase in the offer to members.”
Shamus Lehel of Preferred Alliance of Londis Shopkeepers said the new offer was not only good for retailers, but also safeguarded the employment rights of Londis employees.
“It is important their jobs are guaranteed. This deal shows that people power works. I can’t see it not going through.”
However, Big Food Group, which declined to take part in the formal bidding process for the group, could still mount a hostile takeover bid.
On Thursday Big Food Group wrote to Londis members saying it believed it could offer them far greater benefits than Musgrave.
>>p35 It’s a family affair
Only two Londis retailers out of 100 contacted said they would vote against the bid, with 65 in favour.
One third of the poll said they had not yet decided, many because they had not received the details of Musgrave’s offer. The deal has been unanimously recommended by the Londis
board as its preferred option and with Musgrave only requiring a 75% vote in favour for the deal to go through, it would appear almost certain to succeed unless any third parties intervene.
The offer also received the endorsement of the leaders of two protest groups which were formed after an earlier bid.
They were set up when it was revealed that executives would pocket more than £20m from an earlier bid leaving £10,000 for each retailer, but now retailers are set to gain £31,000 while the executives will receive nothing.
Adrian Costain of the Londis Shareholders Action Group said: “A lot of hard work by members of our group has resulted in a three-fold increase in the offer to members.”
Shamus Lehel of Preferred Alliance of Londis Shopkeepers said the new offer was not only good for retailers, but also safeguarded the employment rights of Londis employees.
“It is important their jobs are guaranteed. This deal shows that people power works. I can’t see it not going through.”
However, Big Food Group, which declined to take part in the formal bidding process for the group, could still mount a hostile takeover bid.
On Thursday Big Food Group wrote to Londis members saying it believed it could offer them far greater benefits than Musgrave.
>>p35 It’s a family affair
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