Angry shareholders in glassmaker Ardagh have accused independent directors at the firm of failing to stand up for the rights of all shareholders.

The independent directors, led by accountant Mr Bernard Somers, have also drawn the ire of rival Quinn Group, which has had two bids for the businesses Ardagh intends to demerge turned down. However, Ardagh insists that the decisions taken by the board have been unanimous and have been in the best long-term interest of all shareholders.

Shareholders who have spoken to The Irish Times are unhappy with the level of the cash alternative for those not willing to take shares in a private, Guernsey-based company that Ardagh proposes will assume control of its international operations.

"Ardagh should give small shareholders an opportunity to get out at a reasonable price," said one disgruntled shareholder. "The current offers do not give the small shareholder any option but to stay in."

Another accused both company management and the Quinn Group of trying to win control of the company on the cheap.

Both said the independent directors should be doing more to defend the interests of small shareholders. There are roughly 1,400 shareholders on the company's register but, of these, 1,300 account for about 7.5 per cent of the stock. Many are former staff of the company, including those who lost their jobs with the closure of Irish Glass Bottle last year.

The firm has said the independent directors did not have particular responsibility for assessing the offers for the demerged part of the company as it was not a takeover of the whole listed group. However, they had the same responsibility as other directors to run the company in the interests of all the shareholders and had done so.

Mr Somers was not available for comment yesterday.