One51, the plastics manufacturer, has confirmed that it has received an offer of €2.50 per share from CapVest.

This new offer, which is the second attempt by the investment company to take over One51 in two years, now values the company at almost €400m, based on the 158m shares in issue.

This offer is at a significant premium (25%) to where the shares have been trading in recent weeks, at around €1.95 per share.

The co-ops, including Glanbia, Kerry, Lakeland and Dairygold, collectively own around 27% of One51.

Based on this offer price, it values the co-ops’ share at a combined €108m.

The approach is preliminary in nature and is subject to various pre-conditions, including due diligence and financing, and there can be no certainty that an offer will ultimately be forthcoming, or as to the terms of any offer.

The company has said that discussions are at an early stage.

This move comes as the company prepares for a dual listing on the Dublin and Toronto stock markets. In 2015, CapVest failed to take over the company with a bid of €288m, or €1.80 per share.