Londis shareholders determined to oust directors

Bill Grimsey, the chief executive of Big Food Group, is putting more pressure on Londis shareholders in an attempt to win support for its £40.3m (€57m) indicative offer for the business.

However, shareholders in the convenience store co-op seem more concerned with following through on their assault on the Londis board than any alternative offers for the company.

A shareholder action group, formed to block a recent takeover approach by Musgrave that gave four directors a £21m (€29.81) windfall, will this week write to management to renew their demands for the resignation of the non-executive directors in question.

The Londis board was forced to withdraw its recommendation for the Musgrave offer after protests from shareholders when it emerged that the group's individual retail members would have received a windfall of just £10,139 (€14,396) each from the deal.

Under BFG's proposal, they would each receive twice this amount.