Bibby Line Group is said to be “disappointed” that the offer it made to acquire Nisa-Today’s last week has been declined.
It has been rumoured that an improved offer is likely to be made, but the company is yet to confirm this.
Bibby has now verified the original offer it made equated to more than £1,000 per share for every retailer or wholesaler which maintained its volume of trade with Nisa, as well as an opportunity to retain ownership in the business and continue to be represented by the board.
Sir Michael Bibby, managing director of Bibby Line Group, said: “This was a generous deal for Nisa shareholders and we are surprised it was rejected without the offer being put to members.
“In the current difficult economic environment, Bibby feels many shopkeepers would be interested in discussing the merits of having access to cash and being part of a stronger and integrated retail group.
“Bibby also owns a majority share of Costcutter, and the intention was to create the largest integrated distributor to independent retailers in the UK with the many mutual benefits this could bring.”