Troubled on-line hotel booker, CNG Travelsaid yesterday that it had received an "informal and unsolicited" approach which "may or may not lead to an offer for the company".
"The approach is very preliminary in nature, and there can be no certainty that an offer will ultimately be forthcoming," the statement said. "Shareholders are advised to take no further action in relation to their shareholdings in the company."
CNG added that it will make a further announcement in due course. The chief executive of the company, PJ King, would not disclose the identity of the prospective bidder, but denied it was either Sabre or Amadeus, two leading global distribution companies connecting travel agents and travel suppliers with travellers.
CNG had received a number of offers for the loss-making leisure part of its business, which it recently put up for sale, he said.
This business includes a US-based online accommodation booking site, Places to Stay, for which the company paid €10 million in cash last year.
CNG hopes to be in a position to make an announcement on the successful bidder in the coming weeks. But Mr King refused to comment on what price the sale would achieve.
Last month, Finbarr Power, CNG's founder and former chief executive, resigned his post as it emerged he was a likely bidder for Places to Stay.
Kerry-based CNG, in which businessman Dr Michael Smurfit has a 4.6 per cent stake, reported full year losses of €€6.9 milllion in March of this year. It also recently issued a profit warning for the first half of 2005.
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