An almost 19% surge in estate agent Sherry Fitzgerald's share price today has led to management's being forced to disclose plans for a potential buyout of the company.
In a stock exchange announcement, Sherry Fitzgerald said it had received an approach last Thursday, from a team of management led by chief executive Mark Fitzgerald and finance director Mari Hurley.
The Irish Takeover Panel requested an announcement be made after the sharp rise in the company's share price.
An independent committee of Sherry Fitzgerald directors - comprising Donal Chambers, Louise English and Jim Walsh - has been established to evaluate any bid.
The statement said that the approach did not mean that a firm offer for the company would be forthcoming. Sherry Fitzgerald shares were up 19% to €1.45 in Dublin this afternoon.
The company reports results on Thursday. The buyout team has set up company called Renlin Ltd.
It's shares closed up 23 cent at €1.45.
