Trinity set to buy Biotrin

Trinity Biotech is seeking to purchase a Dublin health products firm and is prepared to pay 20 per cent more than is currently being offered as part of a proposed management buyout, according to a source close to Trinity.

Biotrin Holdings Ltd founder Dr Cormac Kilty is heading a management buyout (MBO) under which shareholders are being offered €8.03 per share. This would value the company at more than €12 million.

Dr Kilty said yesterday that the company had received a number of expressions of interest but that the board had recommended the MBO. He was not aware of the Trinity offer.

Shareholders in the company include Enterprise Ireland, and parties are represented by a number of nominee companies such as IIU Nominees, AIB Custodial Nominees and Bank of Ireland Nominees.

The shareholders have been given until Friday of next week to give irrevocable commitments to sell to the management buyout team.

When Trinity heard of the offer, it made an approach to the company but the company declined to discuss the Trinity offer, according to a Trinity source.

The source said Trinity was interested in purchasing Biotrin, had a good knowledge of Biotrin's business and would close a deal quickly.

"Trinity is fully funded and ready to go."

The source also said all employees at the Mount Merrion, Dublin plant would be kept on in the event of a Trinity buyout.

The latest results filed by Biotrin in the Companies Registration Office show the company had a turnover of €7.7 million in the year to October 31st, 2002.

Profit on ordinary activities before tax was €1.5 million. The average number employed during the year was 61.