THE offer from Unilever for the outstanding shares it does not own in tea and coffee distributor Lyons Irish Holdings has winkled out an additional 5.6 per cent of the equity. The offer, which closed this week, raises Unilever's shareholding from 75 per cent to 80.6 per cent. It is understood that one unnamed US investor sold a share bloc representing about 2 per cent of the company which was held by a trust company under a nominee name.

With most Lyons' investors heeding their board's advice to hold on to their shares, the outcome is a failure for Unilever which is left with a small rump of independent equity holders. However, the multi-national has said it will retain the Lyons Irish share listing on the Irish stock market.

Conciliatory noises are emanating from both camps. Pierce Butler, the Lyons' chairman, says the independent directors will now concentrate on building the company and Unilever has confirmed its commitment to the same objective.