Ireland's Takeover Panel is due to meet later this week to discuss the circumstances surrounding the takeover bid for Alphyra.

The panel, which polices merger and acquisition activity in Irish companies, is understood to have received several representations from parties connected with the company and the deal.

Rendina, a group comprising nine senior executives at Alphyra backed by US-based venture capital group Benchmark Capital, is offering €2.70 a share for the company.

This was raised from €2.45 just days after US-based First Data Corp withdrew an indicative €2.80 a share offer for the company and less than 48 hours after the company secured just 20 per cent support from other shareholders for the original offer.

Rendina has been criticised for its antagonism to the approach from First Data, which it called "hostile and not welcome". Following clarification by Alphyra's independent directors that all approaches increasing shareholder value were welcome, Rendina reiterated its earlier view.

It is understood that several people connected with the deal and the company felt this position was inconsistent with the executive directors' obligations to the shareholders of the company.

The takeover panel is not obliged to announce the findings of its meeting unless they are seen as having a material effect on the shareholders and the process of the deal.

Any announcement that might be made would come through the Irish Stock Exchange.

In a separate move, Mr Brendan Murtagh has acquired almost 250,000 Alphyra shares in recent days at €2.68, just two cents shy of the offer price. The acquisition by the director of building materials group Kingspan, announced yesterday by Skerries Nominees, brings to 1.11 million the shares it holds in Alphyra.

There was some confusion yesterday as to whether the move indicated confidence in a further, higher bid emerging or simply an arbitrage deal.