Alphyra's management team, which is trying to buy out the firm, says it would regard any bid for Alphyra by First Data Corporation as "hostile and most unwelcome".
The 10-member team behind the management buyout (MBO), which includes chairman Mr Jack McDonnell, chief executive Mr John Nagle and finance director Mr John Williamson, has communicated this to First Data in the last number of days, a spokesman said.
Alphyra's management team, backed by Benchmark Capital, has offered €2.45 per share, valuing it at €80 million. Although the price is above the €2 first mooted, it falls slightly short of the figure of around €2.50 originally sought by most institutions.
The MBO team is expected to send its offer document to shareholders ahead of Friday's deadline under takeover rules. But it now faces the possibility that a rival bid could emerge from Denver-based First Data. The US group approached Alphyra shortly before the MBO team made its offer in late December.
It has been provided with certain information, having regard to competition considerations, by the independent directors of the company, Mr Nick Koumarianos and Mr Grant Wilkinson, and their advisers Goodbody Corporate Finance.
Discussions are continuing, although the independent directors have said there is no guarantee the approach will lead to an acceptable offer for the company.
The opposition of the management team to any offer may make it difficult for First Data, which owns the Western Union US money transfer network, to pursue an approach. Alphyra shares closed at €2.65 last night, up 14 cents on the day and 20 cents above the MBO bid, the market expects a rival offer to emerge.
