The proposed sale of Murray Consultants, one of the State's biggest public relations firms, was aborted in recent days after talks with a purchaser broke down, it is believed.
A British-based company is thought to have indicated its willingness to spend more than €20 million acquiring the company.
While discussions were at a very advanced stage, the breakdown is believed to have arisen over a matter of detail. It is thought that a due-diligence exercise had already been carried out.
Such a purchase would have given the unnamed British entity control of one of the best-known public relations firms in Dublin, with a large range of high-profile clients.
The company is owned by Mr Joe Murray and Mr Jim Milton, who said yesterday evening that it was not on the market. Mr Milton said: "Murray Consultants is not for sale. We're an independent company and we intend to remain independent."
He added: "We get approaches all the time and we're the last major company standing. Our policy is independent."
An informed individual familiar with the scene, however, said there had been an expectation that a sale would be finalised soon.
Established in 1974 by Mr Murray and Mr Terence Horgan, who were joined that year by Mr Milton, the company has had a significant presence in the Irish business community with numerous blue-chip clients in the private and public sectors.
Among its largest clients are Independent News & Media and its chairman, Sir Anthony O'Reilly, who is represented by Mr Milton. Other clients include Bord Gáis, Murphy's Stout, Ryanair, Arnotts and the independent directors at Jefferson Smurfit Group.
The company has a reputation for professionalism and is regarded as having a particular strength in crisis-management situations. For example, Mr Milton advised AIB earlier this year during the Allfirst fraud scandal.
The company's own activities have also been in the spotlight.
In 1996, it emerged that Mr Murray, Mr Milton and Mr Horgan had made a £1 million (€1.27 million) tax settlement with the Revenue in 1992 through an offshore company registered in Panama. The payment from an entity known as Leriona Shipping was said to have related to the personal tax affairs of the three men and not the company per se.
The settlement followed a Revenue investigation that began in 1991. The three were not named individually in the list of settlements published by Revenue, and Leriona Shipping was described as an "international consultancy".
It later emerged that the company had advised Revenue on the introduction of income tax self-assessment in 1988. In 2000, Mr Murray and Mr Milton settled a long-running High Court action taken against them by Mr Horgan, who had alleged unfair dismissal.
A number of senior figures in the public relations business in Dublin began their careers at the firm but defected to rivals or to establish their own firms.
