Roche to go toe-to-toe with Walsh's One51
It's a proper shemozzle. One of the best fights in corporate Ireland is about to heat up again.
Tom Roche, the patriarch of the enormously wealthy Roche dynasty, which has had interests stretching from hotels to toll roads and cement, is trying to take his NTR company private.
However its shareholders, led by Alan Walsh's One 51 and Nick Furlong's Pageant, are in no mood to hand over the firm on the cheap.
IBI Corporate Finance is expected to propose a valuation next month, at which stage more protracted negotiations will kick-off.
Given that NTR will have about €260m-plus in cash on its balance sheet from the sale of US win assets and with a number of deferred considerations from other deals coming due, One51 is pushing for a pay out of close to €3 per share.
It's not so long ago that Roche was looking to do a deal at closer to 70c per share. Roche and his family - described as Dublin's Medicis - have around 45pc of NTR so they have a strong hand. On the flip side, One51's backers include Dermot Desmond, Larry Goodman, Kerry Group and Glanbia while the likes of Mike Soden, Barry Maloney and Michael Fingleton have all been shareholders in the plastics and environmental group.
A deal can be done here... but it's not going to be without some aggro.
Sunday Indo Business