The two directors of electronic tools maker Oglesby & Butler have sought more time to finalise their proposal for a management buy-out.
AP and JP Oglesby had made an approach last October, indicating a price of not more than 40 cent a share.
But a statement from the company said the directors were not now in a position to make an offer at a price above 32 cent.
An independent committee of non-executive directors has asked the two to finalise their proposal as soon as possible. A further announcement will be made by the end of August.
Meanwhile the company's annual results show pre-tax losses of just over €100,000, including exceptional redundancy costs of €146,000. Sales fell from €5.5m to €4.9m, hit by increased competition and the weakness of sterling and the US dollar.
Shares in the company were unchanged at 32 cent in Dublin today.
