The board of investment group One51 has not yet formally considered a €288m takeover approach for the business, it's understood.
It's also thought that some One51 investors believe there is more significant value in the shares than the current approach from Seamus FitzPatrick's CapVest vehicle would place on them.
While it's been reported that a number of significant investors in One51, whose chief executive is Alan Walsh, have already indicated that they would be prepared to accept an offer from CapvVest, it's believed that many investors will be holding out for a higher price.
CapVest is understood to be ready to offer €1.80 a share. However, it seems increasingly likely that it would have to pitch an offer at a much higher price to gain much wider support for its move. Investors in One51 include co-ops including Kerry Co-op and Dairygold are investors in the firm. So too is beef baron Larry Goodman and Pageant Holdings, the investment vehicle controlled by Nick Furlong. Pageant owns an 8.3pc stake in One51. Financier Dermot Desmond is also an investor in One51.
He's been active recently buying shares in the group. Weekend reports suggested he was seeking to buy more. He acquired about 6pc of One51 last November. CapVest is planning to offer One51 shareholders options including selling their entire stakes, or retaining an interest in the acquired company.
A formal offer has yet to be made by CapVest.