Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Instore says bid undervalues company

Instore, which runs the Poundstretcher chain, has recommended that shareholders reject a £11.4 million bid for the company by cash-and-carry business Crown Crest.

Crown Crest has offered 5p per share for Instore, via its subsidiary Seaham Investments.

Seaham Investments already owns around 30% of Instore and the deal would give them a majority stake of more than 50%.

Directors at Instore released a statement today which said: "We believe that the offer significantly undervalues Instore and recommend that Instore shareholders take no action whatsoever in relation to the offer."

Instore has around 300 stores under the Instore and Poundstretcher names. It reported sales of £296.8 million for the year to March 1, but made a loss after tax and exceptional items of £7.9m.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.