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The 1% rebate is ridiculous. How easy would it be, particularly in a period of food inflation, to increase wholesale prices to cover this "payout"? If the Co-op wants to buy Nisa they should make a payment per share just as they would to buy a non-mutual company.

Incidentally the Co-op group may live to regret showing how a mutual company can be acquired. If a mutual like Nisa can be sold like this then a mutual like the Co-op can be sold the same way. They wouldn't even have a moral argument.