The independent directors of telecoms group Alphyra have agreed terms for a management buyout of the firm.
The offer for Alphra made by Rendina - a company controlled by Alphyra's chief executive Mr John Nagle and chief financial officer Mr John Williamson and the other members of the Alphyra Management Team.
The Offer values each Alphyra share at €2.45 in cash and represents a premium of approximately 58 per cent over the closing price of an Alphyra Share on November 5th 2002, the last dealing day prior to the announcement of the MBO.
The offer values the entire issued share capital of Alphyra at approximately €80 million.