An O’Rourke delegation has discussed a possible deal for the division which manufactures and distributes a wide range of construction materials including precast concrete.
But an O’Rourke source told the Enquirer: “Things have gone a bit quiet on that front and it doesn’t look likely that anything will happen.
“O’Rourke is always looking to expand but the deal as it stands isn’t quite right. That’s not to say things won’t change, but the terms would have to look a lot different for anything to progress.”
Tycoon Sean Quinn is facing massive debts after Quinn Insurance – the most lucrative part of his business empire – was placed in administration.
Other parts of the group, including the building products division, are trading normally but Quinn needs to raise funds.
An O’Rourke spokesman said the firm “never comments on market speculation.”