Adare finance director Peter Lynch has reportedly tabled a further rival bid for the group, despite reports last week that he had pulled out of the bidding.
Sources suggested that the revised offer is higher than the one currently being considered by the Adare non-executive committee from chief executive Nelson Loane.
A spokesman for Adares non-executive committee, Jim Milton said last week that it looked as if one of the parties has dropped out. However, a report in the Sunday Business (25 June) suggested that Lynch had re-entered the fray.
It reported: "Lynch has put in a revised bid, which is understood to be higher than Loanes." It also suggested Lynch has secured additional investment from London-based equity company Duke Street Capital.
Lynch refused to comment on his reported offer for control of the 18-company print behemoth, which analysts estimate to be worth in the region of 70m. But he suggested that his consortium has the backing of the majority of the Adare management. "I believe in the management team. They should be given the opportunity to develop their careers," he said.
Speaking on behalf of the non-executive committee, Milton appeared to dismiss Lynch. "The committee is in negotiations with Nelson," he said.
Shares in the Adare Printing Group are stable at 550p, after rising 25p with last weeks news.
Story by John Davies