UK: Londis shareholders may oppose outright sale - report
A group of shareholders in convenience store firm Londis have reportedly threatened to vote against an outright sale of the group and only approve minority offers.
While the UK's Big Food Group is believed to be considering a minority offer, the Cooperative Group is also now believed to be interested. Nisa-Today's, a UK buying group for independent retailers and wholesalers, has also been in talks with Londis shareholders over a possible minority bid. Irish grocery wholesaler Musgrave has had its £60m (US$106.3m) takeover offer recommended by the Londis board, but some shareholders are opposed to an outright sale, reported the Financial Times.
"Our priorities are keeping the mutuality status and a bidder taking a minority stake. So far, BFG fits this bill but there could be others," Kishor Patel, chairman of the Londis Shareholders Action Group, was quoted by the FT as saying.
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