Nobleford Investments has officially made an offer for IreTex, which values the packing company at £11.86 million (#15.1 million).

It is offering 35p per share in cash to shareholders with a loan note alternative. The offer represents a premium of around 48 per cent over the closing price on January 16th, the last day the shares traded on the Dublin market. Details of the offer are being sent to shareholders

Nobleford is a private company which is 99 per cent owned by Mr Paul Burke, a former IreTex chairman. Mr Burke also holds 29.9 per cent of Ire-Tex's stock.

Independent directors at IreTex have recommended the Nobleford bid for the company.