Cooley may bid for Norish

COOLEY DISTILLERY may attempt a reverse takeover on a small Irish plc like Norish to provide an exit for investors.

Speaking at the UCC Enterprise Conference yesterday Cooley chairman John Reeling was questioned by UCC Enterprise Society auditor Richard Whelan on the collapse of talks with Caribbean rum giant Angostura Holdings on a €30m takeover.

Mr Teeling promised the 350 Cooley investors would be given an opportunity to make a return on their investment in 2003.