Adare is poised to go
private after NAPG, the consortium led by chief executive Nelson Loane, had its 103.6m offer for the group accepted.
Adares non-executive committee has advised the companys shareholders to agree to accept the offer.
The firms finance
director Peter Lynch, who fronted a rival MBO, resigned as a result.
It had been reported
that that a number of Adares managers were putting their weight behind Lynch, and would leave if Loane gained control.
However, a company insider said: Thats absolute bullshit. Lynch couldnt come up with the goods. He thought he could put one over on Nelson, but he wasnt as smart as he thought he was.
NAPG either owns or has received irrevocable undertakings for 55% of Adare shares, which includes those owned by group materials director James Coll and Dublin-based Allen, McGuire Funds.
Shareholders have been sent the offer of 715p
per share and have a maximum of 21 days to reply. NAPG needs 80% of shares for complete control. The high price has surprised some industry watchers.
Adare also announced operating profits of 13.8m for the year to 30 April, down 4% on 1999. Turnover was up from 133.4m to 168.1m. Platignum, which the group has since sold to Universal Writing Instruments, posted a pre-tax loss of 2.03m.
Story by John Davies