THE IRISH Takeover Panel is believed to have informed the Philip Lynch-led Moonduster consortium that the moratorium on it making another offer for Irish Continental Group (ICG) expired at midnight last night.
This is in spite of a request by ICG to extend the moratorium until the panel concludes its inquiry into allegations of concert party trading by Moonduster and the UK-based fund, Arkaga.
This clears the way for Moonduster - which comprises One51 and the Doyle shipping group - to make a fresh offer for ICG.
The company last week said Moonduster, which owns 25 per cent of ICG, planned to make approaches to the other big shareholders in a bid to break the logjam in the takeover saga. Property developer Liam Carroll owns 29.25 per cent of ICG and the company's managing director Eamonn Rothwell owns 16 per cent.
Moonduster yesterday said it had submitted its response to the panel's inquiry into the allegation of concert party trading with Arkaga, which owned 5.17 per cent of ICG until earlier this year.
In a statement, it said: "Moonduster submitted a detailed response this afternoon [Friday] to the Takeover Panel in relation to the acting in concert allegation made by Dolmen Corporate Finance. Moonduster is confident that the Takeover Panel will conduct an expeditious but thorough inquiry which will disprove the allegation." The inquiry follows a letter sent recently to the panel by Kevin Beary, managing director of Dolmen Corporate Finance.
Mr Beary said he was told by a director of Arkaga that the fund had co-operated with Moonduster in buying ICG shares, something that was never disclosed.
It is understood that Arkaga, which has been placed into administration, has been given an extension until November 5th to respond to the panel's inquiries.
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