BUSINESSMAN SAMIR Naji, founder and chairman of Horizon Technology Group, stands to realise €36.61 million if the company accepts a €97.14 million approach for the business from an unnamed trade suitor, writes Arthur Beesley, Senior Business Correspondent.

Horizon's shares jumped by 100 per cent to close in Dublin last night at 93 cent after the company told the market of a preliminary approach to buy the company.

Unusually for a company making the first notification of an unsolicited approach, Horizon specified the price mooted by the bidder.

At €1.18 per ordinary share, the approach values the company at significantly in excess of twice the market value implied by its closing price of 47 cent on Wednesday.

Having seen its share price fall as low as 35 cent after a profit warning in January from a 12-month high of €1.17 a year ago, Horizon's naming of the price mooted in an approach "which may or may not lead to an offer to acquire the company" was seen by close observers of the company as an implicit indication of a willingness to deal with the suitor.

However, Horizon emphasised to shareholders that the approach was preliminary and subject to a number of conditions.

"Accordingly, no assurances can be given that a formal offer will be forthcoming or that any transaction will occur."

A spokesman for Horizon declined last night to identify the suitor. While the company's share price weakness led to some speculation that Mr Naji might attempt to raise money to take business private, it is understood that Horizon's management is not involved in the approach.

In annual results issued before Horizon notified the market of the approach, the company said its pretax profit was static at €6.03 million last year, while revenues grew 12 per cent to €288.21 million.

Earnings before interest tax depreciation and amortisation grew 6 per cent to €10.65 and diluted adjusted earnings per share increased 3 per cent to 9.39 cent.

Horizon said in January it was setting aside €800,000 to cover a bad debt after a British customer went into administration and said then revenue was "lower than expected in December, partly due to orders slipping into 2008".

It said yesterday that some deferred orders have since been received and others are still expected early in 2008. None were cancelled.

The son of an Egyptian father and Cork mother, Mr Naji set up Horizon in Cork in 1988.

His stake in the business was valued at £113 million after its flotation in 1999.