Dunloe Ewart shareholders have been given a deadline of December 30th to accept an offer for their shares from property developer Mr Liam Carroll's Rambridge company.
The deadline was announced in the company's offer document, which was posted last night.
Mr Carroll, who holds 29.9 per cent of Dunloe, has made a bid of 50 cents per share for the remainder of the shares, valuing the company at €196.9 million.
The deal has already been accepted by Mr Paschal Taggart, Mr Dermot Desmond and Mr Phil Monahan, who between them control over 50 per cent of the company.
The Dunloe Ewart board, headed by executive chairman Mr Noel Smyth, described the offer as "fair and reasonable" and recommended its acceptance to shareholders. Mr Smyth recently sold his 26 per cent stake in the company to Mr Taggart at a price of 45 cents per share.
The board's recommendation is merely a formality, however, as the offer is effectively "a done deal" given that acceptances have been pledged in respect of more than 80 per cent of the shares.
Rambridge has said it intends to continue the development of assets. Its two most valuable assets are considered to be its 50 per cent stake in the Cherrywood joint venture with British Land, which is due to be sold, and its site at Sir John Rogerson's Quay in Dublin.