A consortium backed by the Nesbitt family and Arnott's chairman Michael O'Connor has formalised its €257m offer to take the retailer private.
The bid includes a cash offer of €14 per share and a promise to pay the final dividend of 26.25 cents.
The Nesbitt and O'Connor families have agreed to roll over their 19% shareholding into the new company.
The Arnotts pension fund has given an irrevovable undertaking to accept the offer for its 12.8% shareholding. The independent directors have also given an irrevocable undertaking to sell their 1.3% stake.
Barrister Richard Nesbitt, who is leading the bid, said the Nesbitt and O'Connor families had been investors in Arnotts for many years, and were determined to retain their investment.
It looks unlikely that rival bidding consortium Carrgran will seek to beat the offer, now it has been formally recommended by the committee of independent directors.
