Shareholders in glassmaker Ardagh will be entitled to sell at least 1,000 shares at a minimum price of €1.61 each under the terms of the tender offer to buy back shares.

According to Ardagh, shareholders will also be able to tender additional shares, but any additional buy-back over the guaranteed 1,000 shares will be on a pro-rata basis.

The glassmaker is offering to buy back just under 2.5 million shares at a minimum price of €1.61, although the actual price will be the average Ardagh price for the five days before the tender offer document is posted.