When the Irish Takeover Panel was set up after the Irish Stock Exchange split from its London parent, most observers thought it would have little to do. After all, takeovers involving Irish public companies were not all that common and hostile takeovers were rarer still.

But now, the panel is a veritable hive of activity and has to monitor six bids or prospective bids. The biggest, and potentially the most complicated until the withdrawal of Denis O'Brien's e-Island, is, Valentia's planned takeover of Eircom.

But Kerry's proposed offer for Golden Vale is another event that will keep our takeover regulator on its toes. Lower down the scale are possible management buyouts at Marlborough, Ire-Tex and Reflex as well as James Crean. Crean is technically in an offer situation, although few give Ray McLoughlin much chance of finding a buyer for this example of the Irish market's living dead.