The chairman of property company Dunloe Ewart has made a cash offer for the company, valuing it at €167 million, it was announced today.
The offer by Mr Noel Smyth has been made on behalf of Valdot, a company controlled by Mr Smyth and offers 42.5 cent for each Dunloe share.
The independent directors have recommended acceptance of the offer, a company statement said.
Mr Smyth said the deal will allow shareholders realise value for their investment in the company. Referring to Dunloe's largest shareholder, Mr Liam Carroll, Mr Smyth said he believed the company's growth prospects were now limited without the support of the largest shareholder.
In September, Dunloe shareholders blocked the €63.8 million purchase of British Land's 50 per cent shareholding in the Cherrywood development project.
