The independent directors of Arnotts have recommended acceptance of an indicative offer for the company from a family consortium.
Nesbitt Acquisitions Ltd which represents the Nesbitt and O'Connor families who own 19 per cent made an indicative offer of euro14.00 in cash per ordinary share in addition to the proposed Arnotts' final dividend of 26.25 cent per ordinary share.
A statement from Arnotts' independent directors today said this offer (taking account of the final dividend) is at a level that the Independent Committee would be prepared to recommend.
The indicative offer is subject to finalisation of legal documentation and certain confirmatory due diligence.