Unions representing workers in the Arnotts' department store have called an emergency meeting to discuss the takeover approach by the Carrgran group.
Carrgran yesterday raised its bid for the retailer, offering €12.75 in cash, an 8 per cent increase on its previous offer of €11.80. The offer values the company at nearly €227 million but it needs the co-operation of the Arnotts board if it is to progress.
Today SIPTU and Mandate called an emergency meeting of Arnotts' staff for Monday, January 26th to discuss the move.
According to SIPTU's Dublin Services Branch Secretary, Mr Chris Rowland, the meeting will discuss how the staff's significant shareholding in the company can be used to give the workers a say in any proposed take-over.
"The company pension fund holds 13 per cent of the company's shares and individual staff members hold a further three to four per cent of shares. This is a significant shareholding and we believe it should give the staff a considerable say in securing their future", said Ms Rowland.
