A bid by the consortium headed by former Ire-Tex chairman, Mr Paul Burke for the company has been recommended by the packaging group's independent directors. Nobelford Investments has offered 35p per share in cash to shareholders with a loan note alternative.

The offer values the company at £11.9 million (€15.11 million). It represents a premium of around 48 per cent over the closing price on January 16th, the last day the shares traded on the Dublin market. Nobleford is a private company, which is 99 per cent owned by Mr Burke. A rival bid was submitted by Ire-Tex chief executive, Mr Paul McLaughlin but the board is recommending the Nobleford bid. Mr Burke holds 29.9 per cent of Ire-tex's stock.

The company employs 420 people at plants in Kildare, Limerick, Galway and in Northern Ireland. Its core customers are Dell, Intel and Gateway.