Aventas say 'no discussions ongoing' with potential local buyers

Management at former Quinn Group, now rebranded Aventas, have stated despite recent media reports, “no discussions are currently ongoing” in regards a potential buy-out of the company.

However, Aventas has confirmed it has recently received a “highly preliminary indication of interest” from Newtowngore Cllr John McCartin and two other individuals who have expressed interest in acquiring some or all of the assets or businesses of the Aventas Manufacturing Group.

An Aventas Group statement said that the Board, through its financial advisers, have equested further information from Mr McCartin in order to gain comfort on the “deliverability” of such a proposal, including the availability of financing to support any such potential transaction.

“Aventas will not enter into discussions with any interested party until such time as this minimum level of information has been provided and the Board is satisfied as to the deliverability of a proposal.”

The statement further reads that the Board has, to date, not received any response from the potential buyers to the request for further information, and no further details have been provided.

“As a result, and for the avoidance of doubt, no discussions are currently ongoing in this regard.
“The Board does not intend to comment further on this situation or on any further press speculation regarding this matter”, Aventas management state.

As reported in The Anglo-Celt today (Tuesday, February 26), a trio of Irish businessmen, including Mr McCartin have launched a new company in a bid to take ownership of Aventas, and they believe they have Sean Quinn’s moral backing.

The new company called 'Quinn Business Retention Company Limited’ claim to have the support of the former Quinn Group executive in their aim to buy over the manufacturing operations of the company.
They expect the buy-out to cost in “the hundreds of millions”, and they aim to consolidate the 40-plus separate bondholders, mostly based in USA, into a smaller group.

While they were unwilling to discuss their funding when asked by the Celt, they said they “have a number of financing options to us, and obviously we have to get the best deal possible”.

Heading the new company are three 'sponsors’, businessmen Ernie Fisher from Fermanagh, Cllr McCartin and John Bosco O’Hagan from Derry.

- See more at: http://www.anglocelt.ie/news/breakingnews/articles/2014/02/26/4019891-buy-out-bid-launched-for-former-quinn-group/#sthash.bl14xfIm.dpuf