Carrgran said it has today submitted a revised offer proposal to the board of Arnotts €12.75 in cash per ordinary share.
Carrgran, a bid vehicle for corporate financier Mr Peter O'Grady Walshe, former Arnotts trading manager Mr Mark Delaney and Lehman Brothers, made its first offer for the retailer in March last year.
The proposal represents a premium of approximately 9 per cent to yesterday's closing price of €11.7 and is a 67 per cent premium to the price when Carrgran first approached Arnotts.
Carrgran said it has no intention of making a formal offer for Arnotts without the recommendation of the Arnotts board.
Carrgran said it has noted the recent press speculation regarding the surplus within the Arnotts staff pension fund. It said it would be prepared to give formal assurances to the board of Arnotts, as part of any recommended offer it may make, that such surplus would be retained within the Fund for the benefit of its members as originally intended.