Arnotts reject €210m bid

A €210 MILLION bid for Arnotts has been rejected by the board after suitor Carrgran increased its offer marginally in its bid to take over the Dublin department store company.

News of the second failed bid was released by Arnotts yesterday when the board issued a brief statement:

“The board of Arnotts plc (the ‘Board’) announces it has received a further approach from Carrgran at a price of €11.80 per share. Having considered the approach, the Board has categorically rejected it as failing to adequately reflect the value of the business of Arnotts and its prospects. The Board notes the revised proposal represents a minimal increase of 2.6% to the earlier proposal of June 2002 which was also rejected as inadequate.”