Two of the most prominent shareholder opponents to the £60m takeover of UK convenience store group Londis by Irish counterpart Musgrave have voiced their discontent by leaving to join a rival retailer.
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Adrian Costain and Kishor Patel, who were at the forefront of the Londis Shareholders Action Group when it tried to avoid Londis being acquired by Musgrave, are leaving to join mutually owned Nisa-Today’s, reports The Independent.
Costain and Patel will forfeit the £16,000 (US$29,300) second windfall all Londis shareholders were due to receive next August. Their move depletes the Musgrave portfolio by five shops. According to the report, the two men were keen to remain part of a mutual as they believe mutuals are better placed to withstand the onslaught from supermarkets.
