Independent directors back Sherry Fitz MBO

The independent directors of property group Sherry Fitzgerald have recommended acceptance of an offer for the company from a …

The independent directors of property group Sherry Fitzgerald have recommended acceptance of an offer for the company from a management team led by Mr Mark Fitzgerald.

The offer of €1.95 a share values the company at about €25.8 million.

Explaining the rationale behind the offer, Mr Fitzgerald said that since its flotation in 1999, Sherry Fitz's share price has not performed well despite the growth in profits achieved in the business.

"We are making this offer to allow Sherry Fitzgerald shareholders realise cash for their investment following a lengthy period of illiquidity in the shares and a depressed share price," Mr Fitzgerald said.

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Speaking on behalf of the independent directors, Mr Donal Chambers said: "After careful consideration we are pleased to recommend this offer, which we believe is in the best interests of Sherry Fitzgerald shareholders and provides them with an opportunity to realise their investment at a fair price".