The Nesbitt family's €254m takeover of Arnotts has been declared unconditional this evening after the company said that valid acceptances had been received in respect of over 13 million shares in the company. This represents 92% of the total issued ordinary share capital of Arnotts.

Nesbitt Acquisitions said it intends as soon as possible to cancel Arnott's listing on the Dublin Stock Exchange. The anticipated date of cancellation of the listing and trading is July 21.

'We are delighted with the positive support of Arnotts' shareholders for the Nesbitt and O'Connor families' plans to take the company private,' said Richard Nesbitt, on behalf of Nesbitt Acquisitions.

'We believe this move is in the best interests of the company, staff and customers and we look forward to growing and developing the company for many years to come,' he added.