ICG share price hike may spark counter bid

ICG’s (Irish Continental Group) share price gained further yesterday raising the prospects of a counter bid to the €470 million management buyout (MBO) offer made nearly two weeks ago.

Eamonn Rothwell, chief executive and the other four top executives will formally publish details of the offer that values the shares at €18.50 each.

Shares in the group however, were trading at €19.85 by mid-afternoon yesterday, having hit €19.95 earlier, up 35 cents at that stage in the day.