Eircom has told the stock exchange that it has turned down a takeover offer for the company.
The telecom operator said it previously received the non-binding expression of interest, at a price range of between €3.2bn and €3.3bn.
The company said that while the bidder was credible, the board decided that because the business was reaching an "inflection point", the price undervalued it.
As a result, it said, the matter is not being progressed.
It is understood the offer was received this year.
Last year the company abandoned plans to float on the stock exchange.
The company had hired advisors to assess the merits of a possible flotation.
But the plans were ditched following what the company said were "encouraging signs of positive momentum in the business."