Supermarket chain ADM Londis has unanimously rejected a takeover bid tabled by convenience store operator BWG.
In a letter to the retail members of ADM Londis, chairman, Mr Leo McCauley said: "The board's decision was taken on the basis that the offer is not strategically or financially in the best interests of our retail members or the company."
The BWG Group is the market leader in supplying convenience stores in Ireland and owns the franchises to retail brands including SPAR and Mace in Ireland and Mace in Northern Ireland through J&J Haslett.
Mr McCauley added that ADM Londis is now in a position to focus on the "positive growth of the business following a year of tremendous change and speculation."
ADM Londis operates almost 300 stores nationwide and employs close to 4,500 people.
The group plans to open a further 30 stores in the current year. It now commands over seven per cent of the convenience retail sector in Ireland and is the country's fastest growing symbol group.
