Friday July 4, 02:15 AM
Tayub set to gain Instore majority
By Alistair Gray
The investment vehicle of Aziz Tayub, the food wholesale entrepreneur, is set to take control of Instore (LSE: INST.L - news) , the discount
retailer that owns Poundstretcher, in which it has a 30 per cent stake.Instore rebuffed a £11.4m ($22.6m) bid approach that valued the company at 17 per cent less than the previous day's closing price. However, the bidder said Tradegro, the South African investment group controlled by Instore's chairman, would accept the 5p a share offer for a 20.4 per cent holding. That would give it majority control with a shareholding of about 51 per cent. The shares rose 0.37p to 6.4p after Instore, which sells toys, clothes and homewares from 140 shops across the UK, said the offer undervalued its business and recommended shareholders take no action. They soared last month after the lossmaking company, which trades as both Instore and Poundstretcher, disclosed it was in talks that could lead to an offer. Leicester-based Crown Crest, owned by the Tayub family, bought a near-30 per cent stake in Instore just over a year ago from Tradegro.
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