Bandon-based group SWS is back on the market with a price tag in the region of €100 million, about twice the sum under negotiation during inconclusive takeover talks last year with One51.
SWS is considered a highly attractive target because its operations in the waste, wind energy and outsourcing sectors would provide an immediate platform in those industries for any buyer.
Though SWS itself has said it was preparing for a possible flotation next year or in 2008, the sale process was triggered when Ion Equity tabled a bid for the business. This prompted renewed interest from One51, the former Irish Agricultural Wholesale Society. Dairygold is also said to be in the frame.
SWS would not comment on bidders but the group said in a statement that it hoped to complete a review of the expressions of interest by the end of the year.
"We have had continuous approaches from key players interested in parts or all of our businesses. In our view, such interest in our business strongly endorses our belief that we have built up an extremely valuable franchise here in SWS," the group said.
"The group has a significant pipeline of projects to invest in . . . and in this respect a process has been put in place to review the expressions of interest received to date."
While international wind energy groups such as AES may yet enter the frame, the dominant Irish wind player Airtricity is considered unlikely to bid for a group that decided years ago to develop operations outside its core cattle-breeding business.
SWS management owns 20 per cent of the group - which was originally a cattle breeding business - with the remainder held by Dairygold and Bandon, Barryroe, Drinagh and Lisavaird co-operatives.
Dairygold's stake in the group means that it would be bidder and seller if it tables a formal offer for the business.
This might complicate the process, but it does not preclude a bid from that quarter.
SWS has appointed Merrion Capital in Cork to manage its side of the sale.
Davy acted for SWS when it was previously engaged in talks with One51, which broke down in September 2005.
Last August the group said it had finalised plans to raise up to €400 million in debt and equity to finance acquisitions and seed projects before a possible public offering.
