The group's Holdings Board met last week to discuss Bibby's latest offer, a 20% increase on the initial bid of £1,000 per share spurned last month, worth a total of £133m-£134m. However, it was once again rejected without putting it to a member vote.
An official statement described the new bid as "a significant undervaluation of Nisa-Today's, especially as the majority of any payment would be deferred and conditional on future performance. The headline offer of £133m substantially overstated the real price, as more than 40% of that claimed value was from potential payments generated by members' own trading."
Bibby described its second bid as a final offer, and Nisa stated that it now considered the matter closed. Bibby managing director Sir Michael Bibby said he was "disappointed" by the decision.
Last month Nisa chief executive Neil Turton told C-Store that for any takeover bid to be referred to the members it would need to have a "compelling logic" such as an increase in buying power over and above a correct valuation of the shares.
An announcement on the group's new ambient supply contract, which Bibby is believed to have lost to DHL, is expected in the next four to six weeks.