Investment company Babcock and Brown Capital (BCM) is in negotiations with several parties about the sale of the business, it told shareholders in a letter yesterday.
The embattled offshoot of Babcock and Brown went into administration last month and is now seeking a way out.
Any bid should exceed $1.05 per share - the current cash backing of the company - and reflect an "appropriate" value of its controlling stake in Irish telecom provider and BCM's largest investment Eircom.
The identity of the bidders is confidential except for that of TaemasBridge, a takeover vehicle consisting of several former Babcock executives.
TaemasBridge made a bid of $1.05 per share, valuing the company at $175 million, on 16 April.
Singapore Technologies Telemedia is also thought to be interested in the company, The Irish Independent newspaper reported on 18 April, and would have offered slightly more at around $180 million.
"Each of the proposals is non-binding, incomplete and confidential," BCM said.
"BCM can give no assurance that a change of control transaction will eventuate from this review process or any proposal, but it remains committed to exploring these proposals in the best interests of all shareholders."
The company expects to make a decision on the takeover proposals by 30 June 2009.
