Leicester-based wholesaler Crown Crest has said its offer to acquire value retailer Instore has become “unconditional in all respects”.

Last month, Crown Crest’s investment vehicle Seaham Investments launched a 5p-a-share bid for Instore, which operates the Poundstretcher and Instore fascias. As of 29 July, Crown Crest owned a 54.1% stake in the company, it said.

Seaham Investments urged all shareholders who had not accepted the offer to do so as soon as possible. 

However, Instore has told shareholders to take no action claiming that the offer, which represents a discount of 17.1% on Instore’s closing price of 6.03p on 2 July, undervalued the business.

At its recent agm, Instore reported like-for-like sales down 1.9% in the 19 weeks to 11 July. 

CEO Peter Burdon is to leave in July 2009.