Property developer Liam Carroll yesterday confirmed he has amassed a 17.6 per cent stake in Irish Continental Group (ICG), the ferry company that's the subject of a stalled €560.9 million takeover battle.
A statement to the stock exchange revealed that South Morston Investment Company, a group owned and controlled by Mr Carroll and Róisín Carroll, owns or has control over 4.18 million ICG shares.
It had been believed that Mr Carroll was behind the stake building, though this is the first time it has been officially confirmed to the market. He is thought to be interested in ICG's 33-acre site in Dublin Port.
The majority of the holding - 3.7 million units or 15.61 per cent - is in the form of contracts for difference, and it is for this reason that Mr Carroll has not been required to declare his holding. Only 2.03 per cent of his holding is owned directly.
He is now the third largest shareholder after Aella, the management buyout team which has 19.14 per cent, and rival bidding consortium Moonduster which has a 20.38 per cent stake.
Yesterday's statement also confirmed that Mr Carroll's latest purchase was at €25 a share, meaning that if he were to make a bid for ICG he would have to offer at least this price. This compares with the two €22-a-share bids currently on the table.
The two current bidders have until August 17th to progress the situation, which has been in deadlock since June 20th when Aella raised its stake and matched Moonduster's offer.
