Department store chain Debenhams is close to recommending a £1.54 billion bid from private equity group Permira, despite protests from shareholders that the offer is too low.
"The board is minded to recommend the bid," said a source close to the company following a weekend of intense talks.
"Everyone wants the matter resolved as soon as possible," he said, adding that an announcement was expected within days.
Debenhams has a branch in Dublin's Jervis Centre and last year announced plans to open a 50,000 sq. ft. store in Cork by 2005.
Debenhams confirmed that talks with two bidding groups were continuing. It said in a statement it was discussing an approach at 425 pence a share with Permira, but said it was not certain any offer would be put to shareholders.
It also said talks were continuing with CVC Capital Partners and Texas Pacific Group about a possible rival bid. Those talks are at an earlier stage.
Shares in the company were down 1.6 per cent at 420p as it emerged that Debenhams was likely to recommend Permira's offer despite calls from shareholders for a higher price.