Ireland's FBD Holdings Plc said today its board had rejected an approach from the Netherlands' biggest insurer Eureko, partly owned by unlisted Rabobank.
A Eureko spokeswoman declined to comment.
Earlier this month Eureko said it had made an expression of interest to FBD although there was no binding offer.
FBD said in a statement it had received a further letter of approach from Eureko. "The board again confirms that it has not received an offer or an intention to make an offer," it said.
FBD said its board, in conjunction with its advisers Goldman Sachs International and Goodbody Corporate Finance, considered all aspects of the approach and concluded it was "entirely without merit".
"Accordingly, the board rejects this approach," it said. Eureko already has a presence in Ireland and has Irish financial services group Friends First as a subsidiary.
The Sunday Business Post reported that Eureko proposed to merge FBD with Friends First into a newly listed company on Dublin's stock exchange.
A source familiar with the proposal said Eureko would offer existing FBD shareholders a minority stake in a new vehicle which would be controlled by the Dutch group. The proposal also offered a partial cash alternative instead of shares.
Eureko is the Netherlands' largest insurer with more than 4.7 million clients, thanks to its merger with Agis in December.
FBD also has interests in hotels, golf courses and holiday property developments.