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Crown Crest tipped as Instore bidder

Crown Crest, the cash-and-carry food supplier, is thought to be the mystery company behind an approach for Instore, the value chain.

According to The Daily Telegraph, Abdul Aziz Tayub, who owns about 30% of Instore and who controls Crown Crest, has held preliminary talks with Instore about a takeover. Crown Crest is also a supplier to Instore.

The offer is expected to be priced at a 3p per share premium to the share price prior to the announcement by Instore yesterday confirming it had received an approach.

South African investment group Tradegro is Instore's biggest shareholder and owns around 35% of the retailer.

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