The chairman of Belfast property company Ewart is locked in a rowwith fellow board directors over his decision to accept the lower of tworival bids for the business.
Brian O’Connor said he “intends to accept” a 75p-a-share offer forEwart from Dunloe House, a Dublin concern, in respect of his 16%shareholding. Another director pointed out that O’Connor had backed adecision to reject Dunloe’s offer. Brian Gilligan said the company hadreceived an offer of 79p-a-share.
The other directors are considering taking legal action against thechairman, who lives in Hong Kong. O’Connor has now agreed with theTakeover Panel not to sell his Ewart shares before Tuesday of next week.
- Financial Times 23/02/98 page 20
- The Daily Telegraph 23/02/98 page 25
