Irish stock exchange regulators saidtoday it has found no evidence to suggest that Mr Liam Carroll, Mr Dermot Desmond and Mr Philip Monahan, all major shareholders in Dunloe Ewart are acting in concert.
A statement from the Takeover Panel said that after careful consideration of submissions from the relevant parties and on the basis of the information currently available no concerted action took place.
It added that no factual information has been provided to the panel which may justify a panel hearing on this matter.
Mr Carroll, Mr Desmond and Mr Monahan hold or have an interest in 28.9 per cent, 7.9 per cent and 6.7 per cent respectively of the ordinary shares of Dunloe.