Anglo-Irish group Green Property has ruled itself out of the frantic bid battle raging between Dublin-based Dunloe House and its target, Belfast-based Ewart.
Green managing director Stephen Vernon said he is not interested in Ewart, which announced on Tuesday that it is talking to a “substantial UK listed company”.
Vernon said: “We have run the slide rule over Ewart in the last, but we couldn’t find the logic for us. There is no purpose having a company operating in both northern and southern Ireland.”
His comments came as Green reported strong financial results underpinned by the booming Irish economy. Green’s net asset value leapt 42% to IR360p while pre-tax profits were up 42% to IR£12m.
EGi News 27/02/98
