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Sainsbury’s is closing in on a takeover of Nisa Retail, the member-owned convenience store group - but is set to face a rebellion from independent shopkeepers opposed to its demutualisation. Britain’s second-biggest supermarket chain is understood to have won a bidding war with the Co-operative Group for Nisa, which has 2,900 stores and £1. 3bn in sales. Sainsbury’s is said to have offered £2,500 a share, valuing Nisa at £130m, based on 52,000 shares in issue - The Sunday Times.
Wall Street was mired in negative territory following weaker than expected economic data and after Amazon. com announced the takeover of Whole Foods amid the quarterly expiry of futures and options on shares and indices, the so-called 'quadruple witching'.
