One51, the Dublin-based plastics company, has turned down the takeover offer made by CapVest, the private equity vehicle founded by Seamus Fitzpatrick. CapVest had made an offer of €2.50 per share to acquire One51 in early October. In a statement on Friday, One51 said it had terminated all discussions related to this takeover offer.

One51 said it now plans to press on with its plans to restructure the company and proceed with an initial public offering (IPO) in 2018 subject to market conditions. The company has announced an EGM will take place on Wednesday 6 December at 10.30am in the Westbury Hotel, Dublin, that will seek shareholder approval of this company restructure and IPO listing.