Aberdeen Asset Management, which has a 5 per cent stake in Clondalkin, the paper and packaging group in the throes of a management buyout (MBO), will not be accepting the €9.10 cash offer per share by the 3 p.m. closing time today. Mr John Lawrie, Aberdeen's managing director, told The Irish Times he would not be accepting the offer - even if the closing date is extended - so long as acceptances remain under 80 per cent. If that level is reached, however, and the bid goes unconditional, then Aberdeen would accept the offer, he said. But if the 80 per cent level is reached, the outstanding shares can be compulsorily acquired. The MBO consortium reached the 72 per cent acceptance level by last Friday.

Clondalkin complained that Mr Lawrie's earlier statement that "I don't see that people have anything to lose by waiting" was "misleading and potentially damaging to shareholders".

Clondalkin also said that if 80 per cent acceptance is not reached, the offer may lapse and the share price could collapse. Asked to comment, Mr Lawrie said: "We have different opinions on the matter." Asked about the complaint to the Irish Takeover Panel (and the Irish and London stock exchanges), he said he had "nothing to add".

The complaint was under the panel's rule 5, which says people in a position to influence the outcome of a bid are not allowed to "interfere in the process" and give a misleading view. Industry sources say Mr Lawrie has been silenced from making any further similar statements.