A Bernard McNamara-led consortium has emerged as the successful bidder for the Ringsend glass bottle plant site in Dublin.
In a statement posted on the stock exchange website this morning the owner of the site, South Wharf, confirmed the details of the €412 million sale.
It said the Becbay consortium submitted the highest bid. Mr McNamara owns 41 per cent of Becbay, while Derek Quinlan has a 33 per cent stake through his firm Mempal Limited. The Dublin Docklands Development Authority holds the remaining 26 per cent.
Under the deal South Wharf shareholders will receive €273.5 million, minus certain costs and deductions, with the remaining €138.4 million or (33.6 per cent) being paid to Dublin Port.
This would see each South Wharf shareholder receive just over €7 per share. The deal is subject to shareholder approval.
As the deal will see Becbay take over a company, stamp duty of 1 per cent will be due, rather than the 9 per cent had the transaction being solely for a property sale.
Paul Coulson, South Wharf chairman said: "The total amount to be paid by Becbay reflects the unique status of the Ringsend Property and provides South Wharf Shareholders with an opportunity to realise their investment for cash at an attractive premium to the historical share price. Accordingly, we intend to recommend that South Wharf Shareholders vote in favour of the Scheme Proposals"