Following the meeting it was announced that an overwhelming majority of votes had been received in favour and the separation had been agreed by Nisa and Today’s members. Therefore the transaction is likely to take place in the first quarter of 2012.
The transaction was first proposed as the marketplace in which both Nisa and Today’s operate has developed somewhat since the Today’s group was first formed in 1987, and it became clear that Today’s wholesale has very different future needs to those of Nisa retail. For the separation to go ahead a simple majority of shareholders voting at the general meeting.
The separation will allow both companies to tailor their individual strategies and change their resources and direction for the future success of both companies, the company said.
However, this agreed transaction does not mean the end of all existing relationships between Nisa and Today’s as this separate company would continue to trade with central distribution and joint buying or distribution opportunities would still be pursued.
Source: Nisa and Today’s
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