Arnotts feud ends as chairman buys out O’Connor stake
The O’Connors held just under 25% of the company’s shares and earlier this year offered to buy out the Nesbitts in a deal that valued the company at more than €200m. However, Mr Nesbitt, who led the management buy-out in 2003, said the offer overvalued the company and did not reflect the debt on the books. He claimed the move was a “stunt”.
The price paid by Mr Nesbitt would imply a value of €160m on the business, excluding debt. It was previously reported that Mr Nesbitt, whose family own 60% of Arnotts, had offered to buy out the O’Connors for €25m. Relations between the O’Connors have deteriorated over the redevelopment of its store and surrounding buildings involving additional retail space, apartments, restaurants and a hotel as part of the €750m Northern Quarter expansion.
