Nisa-Today's rejects new Bibby offer

Nisa-Today's rejected a second takeover attempt by the majority shareholder behind the Costcutter convenience store chain yesterday.

Bibby Line Group, which owns 51 per cent of Costcutter, offered to acquire the business for £134m but was rejected on value grounds and as the deal would have meant the loss of Nisa's mutual business model. Nisa-Today's acts as a co-operative using the buying power of the group of retail members to negotiate deals with suppliers. Bibby provides distribution services to it, while Costcutter is part of the buying group. Nisa said the approach was a "significant improvement" on July's offer but was not in the best interests of members, who own up to 100 shares each. Bibby said its "improved and final offer" would have landed many members with a £120,000 payout.