Carroll ups stake in ICG to 17% as deadline for bids looms

Property developer Liam Carroll is believed to have acquired another 2 per cent of Irish Continental Group's (ICG) shares to bring his total stake in the company to just short of 17 per cent.

Mr Carroll is thought to have paid up to €23 a share for his latest tranche of stock in the ferry company. His shares are held as contracts for differences, with the result that he is not obliged to reveal his shareholding in the company to the stock exchange.

In a statement to the stock market yesterday, the Moonduster consortium said it had received an approach from advisers acting on behalf of Mr Carroll to purchase shares in ICG units held by One51 Capital Limited and Doyle Group Limited.

"The board [ of Moonduster] confirms that this approach was rebuffed and that One51 Capital Limited and Doyle Group Limited have no intention of disposing of their interests in ICG units," the statement added.

Moonduster bid €22 a share for ICG in June and owns 20.38 per cent of its shares.

It is understood that Mr Carroll and Philip Lynch, who heads One51 Capital, had a meeting last Saturday in Kildare to discuss the matter. Advisers for both sides are believed to have met the previous day at the same venue.

It is understood that the meetings were arranged by Pascal Taggart, an accountant and wealthy businessman.

A spokesman for One51 confirmed that meetings had taken place, but declined to comment.

It is thought that Mr Carroll might now seek to negotiate with Aella, a management buyout team led by the ferry operator's chief executive Eamonn Rothwell that has also bid €22 a share for ICG.

Aella owns 19.14 per cent of ICG and made its first bid for the ferry company in early March.

Mr Carroll has yet to formally declare his ownership of shares in ICG and has not made an offer for the company.

ICG's independent directors have been seeking to break the stalemate in the bidding process. They set a deadline of 5pm on Monday for both sides to indicate how much they would be willing to pay for ICG. Neither side revealed what its top offer would be by that deadline.

On Tuesday, the independent directors said they would consult with the Irish Takeover Panel in an effort to break the logjam.

This could include both parties being precluded from further bidding for a 12-month period.