UPDATE 1-Irish insurer FBD rejects approach from Eureko

(Adds comment from Eureko spokesman)

DUBLIN, April 27 (Reuters) - Ireland's FBD Holdings Plc (FBD.I: Quote, Profile, Research) said on Sunday its board had rejected an approach from the Netherlands' biggest insurer Eureko, partly owned by unlisted Rabobank [RABN.UL].

A spokesman for Eureko said late on Sunday, however, negotiations were still in progress.

"We are talking and of course we are not talking for nothing," he said.

Earlier this month, Eureko said it had made an expression of interest to Irish insurer FBD although there was no binding offer.

Irish media has valued the potential deal around 1.2 billion euros ($1.9 billion).

FBD said in a statement it had received a further letter of approach from Eureko.

"The board again confirms that it has not received an offer or an intention to make an offer," it said.

FBD said its board, in conjunction with its advisers Goldman Sachs International and Goodbody Corporate Finance, considered all aspects of the approach and concluded it was "entirely without merit."