Baltimore is valued at roughly £25m ( 36m). At the height of the tech boom the internet security software maker, once called Baltimore Technologies, had a market capitalisation of £3.62bn ( 5.2bn).

Last week the Oryx Growth Fund, a closedended investment company, said it now owns and has received irrevocable undertakings and nonbinding letters of intent representing 47% of Baltimore's issued share capital.

However, the board of Baltimore said last week that the unsolicited offer does not offer any enhancement of shareholder value and it "fails to provide evidence of superior prospects for returns".

Baltimore's share price has fallen about 30% since February, from 23p to 16p.

The company has about 10,000 Irish shareholders.

Baltimore's largest shareholder, Acquisitor, ousted the Baltimore board, then headed by chairman Bijan Khezri, in 2004.