Dunloe Ewart has announced that discussions with the Jersey-based Orb Estates have ended. This leaves Zoe Developments' Mr Liam Carroll, who has built up a 27 per cent stake in Dunloe Ewart, as the only possible contender for the company.

However, Mr Carroll had not disclosed his motives for buying the stake and there had been no communication with him, said Dunloe's managing director, Mr Philip Byrne.

The ending of talks with Orb is not unexpected. Orb had announced its intention to offer 52 cents per share subject to financing and due diligence, but no firm offer was made. The company would have found difficulty in getting funding without Mr Carroll's votes. With no offers on hand, Dunloe offered to buy back 67 million of its shares at 55 cents a share following the sale of several properties.