Consortium considering ICG bid

The Doyle Group and One51 Capital who have bought into Irish Continental Group (ICG) today released a statement today saying "…

The Doyle Group and One51 Capital who have bought into Irish Continental Group (ICG) today released a statement today saying "they are in discussions regarding a possible offer" for the group.

The statement was released following a request from the Irish Takeover Panel for the consortium to clarify its intentions.

In their statement the Cork-based shipping group Doyle and Philip Lynch-led One51 investment business said if an offer was made it would be "at a level of not less than €20 per ICG unit". The statement adds that the consortium were also seeking the consent to undertake due diligence.

However, the consortium added that its statement "does not amount to a firm intention to make an offer" and that it was not certain that an offer would be made.

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ICG chief executive Éamonn Rothwell and his colleagues are bidding €18.50 a-share - €471 million - for the group as part of a proposed management buyout (MBO). However that offer may struggle to be accepted by investors, many of whom have paid between €19.15 and €20.03 for their stake.

Irish Continental Group said this morning it has not received any third-party acquisition offers except for that of Aella and that Aella has no plans to raise its offer price.

On March 8th, the companies announced a recommended €18.50 per share offer for ICG from Aella. The EGM to approve the acquisition will be held on April 12th, ICG added.