Capital Bars says it has received an approach from members of its management team which may lead to an offer being made for the company.
The company which operates 11 major bar/restaurants and three hotels in Dublin said discussions were ongoing.
It said: "The directors who have expressed an interest in making an offer for the company have indicated that any offer would not exceed 21 pence per share."
Shares in the company have risen in recent weeks and were trading at 13.5p sterling by close on Friday. The company, which is 46 per cent-owned by brothers Mr Liam and Des O'Dwyer, earlier this year downgraded its earnings forecast.