Mr Noel Smyth has not given up his bid to take over property company Dunloe Ewart.
A spokseman for Valdot - the company that made the cash offer on behalf of Mr Smyth - told ireland.com today Mr Smyth was "very much in the game" for Dunloe. The spokesman noted it is still possible for Mr Smyth to gain majority control of Dunloe shares.
Mr Smyth currently controls 26.5 per cent ofDunloe share capital plus another 1 per cent pledged to him by Dunloe director Mr Stewart Harrington.
Yesterday, Mr Smyth suffered a setback when the Irish Takeover Panelruled that three rival shareholders - Mr Liam Carroll, Mr Dermot Desmond and Mr Phil Monahan - whocontrol 43 per cent of Dunloe's shares were not acting in concert to block his bid.
In a statement issued last night Mr Noel Smyth said he was "concerned" that certain parties were seeking to gain control of the company without making an offer to all shareholders.
"If this situation continues, there is a real danger of them being deprived of the opportunity to avail of the cash offer from Valdot," the statement said.