The independent directors of Irish packaging group Ire-Tex have recommended shareholders accept the 35 pence per share bid from Nobleford Investments.
The recommendation came after notification a third party no longer intends to proceed with an alternative bid.
The offer values the company at £11.9 million (euro 15.11 million). It represents a premium of about 48 per cent over the closing price on January 16th, the last day the shares traded on the Dublin market.
Nobleford is a private company that is 99 per cent owned by former Ire Tex chairman Mr Paul Burke. A rival bid was submitted by Ire-Tex chief executive Mr Paul McLaughlin, but the board recommended the Nobleford bid in June.
Ire-Tex employs 420 people at plants in Kildare, Limerick, Galway and in Northern Ireland. Its core customers are Dell, Intel and Gateway.