The Co-operative Group has ruled itself out of buying Londis just as shareholders prepare to vote on a recommended £60m bid for the wholesale distributor.
This is the first time the Co-op has commented on its position, despite being repeatedly named as interested in buying the group.
Shareholders are expected to vote this week on whether to accept Musgrave’s latest offer for Londis, which is worth £32,000 to each of them.
A Londis spokesman commented: “We are pleased the Co-op announcement clarifies the situation ahead of Tuesday’s vote… Now shareholders have a simple choice - whether to accept the one bid that meets all our criteria, the recommended Musgrave offer.”
The board needs 75 per cent of the vote cast, but refused to comment on how many proxy votes had already been received. However, it understood to be hopeful of the outcome.
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