Boom said it has been undertaking “confidential market soundings” in order to raise equity, strengthen its balance sheet and reposition the company for ongoing business development. Through companies such as McAleese Investments, Harbrew owns 12.2% of Boom’s shares, making it the crane hire firm’s largest shareholder.

“Harbrew’s merger proposal is preliminary in nature and as such represents an incomplete proposal,” said Boom.

“It does, however, offer the prospect if an alternative approach to balance sheet strengthening and business development, as well as creating a substantially larger enterprise.”

Boom said it will take “several months” to assess the offer alongside “other strategic opportunities”. It has put any further equity raising plans on hold while these opportunities are assessed.