The independent directors of personal care group IWP have rejected an offer for the company made from the team led by the firm's finance director and deputy chief executive, Mr Bernard Byrne.
In a statement to the stock exchange this afternoon IWP said that following discussions with the consortium an offer of 44 cent per share was offered for the firm.
The independent directors said that this offer does not reflect the inherent value of the group and accordingly discussions have now ended.
IWP share are currently trading at 33 cents per share.