Dr Tony O'Reilly, and his brother-in-law, Mr Peter Goulandris, have received acceptances in respect of 204.85 million ordinary shares, representing 74.5 per cent of Fitzwilton. The offer has been extended for a further 21 days.
Stoneworth Investment, the vehicle used for the offer, needs 80 per cent acceptances before the outstanding shares can be compulsorily acquired. Mr Kamal Tabet, managing director of Salomon Smith Barney, which has made the offer on behalf of Stoneworth, said he was very pleased with the high response rate.
The acceptances are still coming in, some of which have been held up mechanically, he said. "The vast majority of the major shareholders" have accepted. Dunnes Stores which has a 10 per cent interest in Fitzwilton has not yet responded to the offer. That response has been "neither good or bad", Mr Tabel stressed.
Dunnes Stores has declined to comment. The O'Reilly consortium held 75.5 million Fitzwilton shares prior to the offer and holders representing 75.18 million of these have accepted. Acceptances from the balance are expected shortly.
The offer values Fitzwilton at £135 million. It involves 50p for every Fitzwilton ordinary share and £1 for every preference share. Fitzwilton owns 74 per cent of Rennicks which gave a £30,000 donation to former Fianna Fail minister, Mr Ray Burke. It reported a loss of £7.6 million in 1997 compared to profits of £15.1 million in the previous year.
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