A BID from IT Tralee to buy Kerry Technology Park has been rejected.

The bid, thought to be in the region of €3m, was turned down by Shannon New Co., the body which replaced the Shannon Airport Authority and Shannon Development.

The park employs around 400 people and it is understood the facility will form part of a core strategy for Shannon New Co.

Mayor of Tralee Jim Finucane is disappointed with the rejection and said he would not accept this was the end of the matter. He is seeking an emergency meeting on the matter.