It must be a source of some concern to former Silvermines chief executive, Clem Jansen, that the British group TT Holdings failed in a bid for Hall Engineering.
Now Mr Jansen and his management colleagues face a potential strong rival in their plans to stage a management buyout of Silvermines.
It has never been confirmed that the approach the Silvermines board received in recent weeks came from an MBO group, but it is generally believed that those behind it are Mr Jansen and Silvermines management, who made an indicative, but not a formal, offer of 46p sterling (70 cents) a share. Silvermines chairman Bob Morton was, however, unimpressed and it is believed that Mr Morton will not entertain any offer under 60p.
With TT already holding 6 per cent and with no Hall Engineering acquisition to distract it, it will be no surprise if TT now makes a pitch for Silvermines.
If Silvermines - listed in Dublin but with all its business located outside Ireland - exits the market, there is unlikely to be too much wailing. It will simply go the way of the likes of other British-based companies which used the Irish market as a listing of convenience.
European Leisure (now engaged in a less-than-riveting takeover battle with Waterfall Holdings) is another such listing of convenience. Is there anybody in Ireland - bar the odd Irish shareholder that still remains on the share register - who cares whether European Leisure is taken over or not?
