Call to adjourn ICG egm on Aella bid

The independent directors of Irish Continental Group (ICG) are to propose that an extraordinary general meeting (egm) of the company be adjourned when shareholders meet at the Berkeley Court Hotel in Dublin today, so that the directors can enter into discussions with One51 and the Doyle Group.

The egm was called so that ICG shareholders could approve the €18.50 a share bid for the company tabled by Aella, the vehicle through which managing director Eamonn Rothwell and other members of ICG management are attempting to take the shipping company private.

But a consortium of the Philip Lynch-led investment vehicle One51 and Cork-based shipping company, the Doyle Group, last week announced that it was considering making an offer for the group. It has bought up 18 per cent of ICG's shares.

Any bid by the One51 consortium will be at least €20.50 per share, €2 more than the Aella bid. The independent directors said yesterday that it had yet to begin due diligence of ICG.

This will determine whether or not it makes a firm offer. The process is expected to begin this week and could last several weeks.

The independent directors, headed by ICG chairman John McGuckian, said that as a formal process had not yet been entered into, they could not establish a definitive timeframe for any bid from One51.

In a statement issued yesterday, the independent directors said they continued to be available to engage with the One51 consortium, but that at present the Aella offer was the only one they have received.

ICG also applied to have two court meetings due to be held today adjourned.