Less than two years after it floated on the Dublin and London stock markets, packaging group ILP may be taken over. The company disclosed yesterday that it has received a number of approaches which may or may not lead to an offer.

The statement from ILP came after a sharp 5 1/2p rise in the share price on the London market to 29 1/2p sterling yesterday. The shares did not trade on the Dublin market but at the London close, ILP was valued at just over £7 million sterling or £7.7 million.

The disclosure that ILP has been targeted by potential bidders comes after a dismal period since the company was floated on the London market in March last year. ILP shares were floated at 75p each and the company was valued at £18 million at the flotation price.