The Irish Take-over Panel has given Waterfall Holdings a deadline of April 7th to announce a firm intention to make an offer for European Leisure. If it fails to make such an offer by that date, then it will have to withdraw. A spokesman for Waterfall said it is sounding out European's institutional shareholders and if it gets a positive response, it may mount a hostile bid. The panel's decision followed Waterfall's statement that it expects "shortly" to be in a position to confirm the details of its "superior proposal to European and its shareholders".

Waterfall also urged European shareholders not to take any action on the European and Allied Leisure merger proposals. European has disagreed and has urged its shareholders to accept the proposed £65 million sterling (€82.5 million) merger with Allied.

The first closing period of the recommended European and Allied merger is today.