Shares in theme bars group Capital Bars yesterday traded steadily above the offer price from the O'Dwyer brothers, Liam and Des, increasing speculation that the brothers will not reach the 90 per cent level where they can compulsorily acquire shares by next Friday's first closing date.

About 750,000 Capital Bars shares traded in London yesterday between 23p sterling (37 cents) and 25p. This compares to the 21p offer from the O'Dwyers for the 56 per cent of Capital Bars that they do not already own.

While there were no further disclosures yesterday from Mr Austin Conboy - the Dublin businessman who caused a stir on Thursday when he emerged as a 6 per cent shareholder in the bars group - market sources suggested that the size of some of the deals and the prices paid had all the hallmarks of a single buyer.

Mr Conboy has already told The Irish Times that he intends buying more shares, possibly up to 25 per cent of the total. But even if he does not build a stake to prevent the O'Dwyers going unconditional with their bid, the price in the market would suggest that shareholders who have not already accepted the 21p a share offer will wait and see what happens over the next week.

Even those who have already accepted the O'Dwyers' offer can withdraw their acceptances between now and next Friday.

The truncated trading session on Christmas Eve and the two trading days on December 27th and 28th could yet be crucial sessions for the O'Dwyers' bid - and Mr Conboy's apparent efforts to force them to increase their offer.