Call centre operator Conduit said today it is in talks with management concerning a possible buyout of the company.
The approach has come from a management team, which is being advised by Goodbody Corporate Finance, led by chairman Mr Eddie Kerr and chief executive Mr Liam Young.
Management are reported to be offering €2.83 a share, about 33 per cent above the 90-day average price of €2.12 on the Neuer Markt, the company's primary market.
The management team also includes Conduit non-executive directors Mr Laurence Shields, Mr Michael Tunney and Mr Pat McDonagh, who hold 49.7 per cent of Conduit's issued shares.
Under Irish takeover rules, the directors of Conduit will not be allowed to consider and evaluate the possible offer and so Davy Corporate Finance Ltd has been appointed as independent financial adviser to mull the possible offer.