Management team at Irish Continental in buyout bid

IRISH Continental Group’s management team, led by its chief executive, Eamon Rothwell, yesterday made a surprise €470 million offer to take the company private.

Shareholders have been offered €18.50 per share, 33% above the price on January 1, 2007.

Shares in the group shot up by 25% to €19.50 by mid afternoon; an increase of over 5% on the offer price.