The £25m (US$36.4m) MBO offer for upmarket food company S Daniel looked more likely this week after the takeover team secured cash backing from two banks, but the board of directors is cautioning that nothing has been confirmed. A team led by former managing director John Sexton first proposed the deal a fortnight ago, but it was dismissed by company directors due to concerns over financial funding. The director's board stressed yesterday that even with cash backing the deal might not go ahead, revealing in a statement that a survey of shareholders indicated that £25m "does not represent the true value of the company".