UNILEVER will find out today how many Lyons Irish Holdings shareholders have accepted their offer of 323p per share. Market sources say it is likely that very few share holders will take it up.

The Lyons board wrote to the 1,170 minority shareholders last week urging them not to accept the offer, saying it was too low. However, the board has not specified a value on the shares.

It also outlined the full extent of Lyons cash hoard. The group had over £48 million in cash at the beginning of March. If Unilever got 100 per cent control of the company, it would have access to this money.

Sources say it is likely that Unilever will extend the deadline for acceptance and that it will probably make a higher offer. Unilever is not commenting until the acceptances are counted. Some sources say the acceptance level may only total around 200,000 shares, of the 7.5 million shares at issue.

Market sources believe that Unilever will have to increase its offer. The company has maintained that the offer is a "fair and reasonable" one. It has also said although Unilever would prefer to own 100 per cent of Lyons it would have no problem living with minority shareholders.

However, it has not said that the offer is its final one. Whatever it decides to do, even if it decides that the current offer is its final one, Lyons shareholders still have 14 days to accept it.

Unilever must get acceptance from 80 per cent of the minority shareholders by value and 75 per cent by numbers. It would mean obtaining acceptances from over 870 individual Lyons' shareholders.