Nisa, the Scunthorpe-headquartered retail outlet chain, has confirmed that it has entered exclusive talks to be acquired by The Co-operative Group.
The retailer added that talks regarding a potential merger have been constructive, with both companies wishing to progress matter quickly.
This latest merger talk follows Sainsbury’s postponing its proposed £130 million bid for the Yorkshire retailer.
“During these discussions the Co-op has confirmed, subject to further due diligence, its intention to progress matters as quickly as possible, in the hope that a transaction can be finalised. The Co-op is willing to incur costs on its own account to do this,” said Nisa Chairman Peter Hartley in a statement.
He added: “Should an offer of merit emerge from this process, it will be for you, the members, to decide on whether to accept it.
“However, it is important to stress, that there is no guarantee that an offer will be forthcoming.”
The Co-op has previously made an offer for Nisa. Its revised bid stands at up to £140 million.