Arnotts board turns down Malpas offer

THE minority shareholders in Dublin department store Arnotts have said that the turning-down of their bid for the company’s entire share capital goes against the interests of Arnotts shareholders.

Malpas Holdings, the investment vehicle owned by the O’Connor family, which owns 24.7% of Arnotts, said over the weekend that it was intending to table a cash bid of €200 million for the 60% of Arnotts which is owned by the rival Nesbitt family.

That bid was swiftly rejected by Arnotts chairman Richard Nesbitt on Saturday, before he added that he would be prepared to offer the O’Connor family €25 per share for their stake in the business.