The independent directors of Sherry Fitzgerald have recommended acceptance of the offer made by a management-led group for the company.
The offer was made by Renlin, a company controlled by Sherry Fitgerald's senior management. Renlin made an offer worth €1.95 per share for the company.
The management group is believed to be led by Mr Mark FitzGerald, chief executive of Sherry Fitgerald, and Ms Mari Hurley, Sherry Fitz's finance director.
The final dividend of three cents proposed by the company today will not be payable if the proposed offer from Renlin becomes wholly unconditional by June 30th, 2003.
The independent directors said the offer is subject to the finalisation of funding and due diligence and so does not represent a firm intention to make an offer for the company.