Irish Continental Group's independent directors have asked the Moonduster group and the management buyout team led by Eamonn Rothwell to hold a face-to-face meeting in a bid to break the stalemate at the ferry operator.

Both sides have offered €22 a share for the company and own sufficient shares to block each other's bids. It is understood that NCB, which is advising ICG's independent directors, requested that such a meeting be held by the end of this week.

A spokesman for Aella, the bid vehicle being used by the management team, confirmed that it had been approached to attend a meeting with Moonduster and the independent directors and said it was "happy to do so in the interests of shareholders".

A spokesman for Moonduster, which is controlled by Philip Lynch's One51 Capital and the Doyle shipping group in Cork, said it would attend such a meeting but only after the directors had sent documentation relating to its bid to ICG's shareholders.

Moonduster's bid document, which relates to the scheme of arrangement for its €560.9 million bid, was sent to the independent directors last Friday but has not yet been distributed to shareholders. It is understood the independent directors had hoped that a breakthrough could be reached between the two sides before any further documentation is issued to shareholders.

"That is a questionable decision on the part of the independent directors," a spokesman for Moonduster said. "It is the duty of the independent directors to ensure that all documentation is sent to all shareholders."