EcoSecurities Group Plc said it was in ongoing talks with another party for the possibility of a takeover offer after Swedish firm Tricorona decided not to bid for the Irish carbon offset company.
There can be no certainty that an offer or any other transaction will occur, EcoSecurities said in a statement.
The company continued to recommend that its shareholders take no action in response to the revised offer by Guanabara Holdings, set up by EcoSecurities co-founder and former president Pedro Moura Costa.
Guanabara on Tuesday increased its offer for EcoSecurities to 90 pence per share from 77 pence, and lowered the level of acceptances needed for the takeover to 50 percent from 80 percent.
Separately, clean energy project developer Tricorona said it was not proceeding with an offer for EcoSecurities.
EcoSecurities' shares rose 1 percent to 89 pence at 0753 GMT on the London Stock Exchange.
(Reporting by Purwa Naveen Raman in Bangalore; Editing by Aradhana Aravindan)