The board of glass maker Ardagh last night rejected a 1.50 per share offer for its glass making business from Cavan-based entrepreneur Sean Quinn.
This values the manufacturing business at 52m.
Just before Christmas, Ardagh announced plans to privatise this business - which comprises operations in Italy and Rockware in the UK - leaving its Irish operations listed as a much smaller entity on the stock exchange. Shareholders who preferred not to hold shares in the private company were offered 1.10 a share for their stake.
Ardagh's board recommended that shareholders reject the offer, saying that it did not adequately reflect the value of the company. The board claimed it never said the 1.10 offer was an adequate price, and urged shareholders to stick with the private entity.