One51, Doyle Group offer for firm likely to lead to takeover battle

ONE 51 and the Cork- based Doyle Group’s indicative offer of over €500 million for Irish Continental Group (ICG) has cleared up any confusion about its intentions.

If after due diligence they are satisfied with the company’s books, they said in a statement to the takeover panel yesterday that they were likely to make an offer above €20 per share.

While the statement leaves them an out if they choose not to bid, it is clear that the management have a takeover battle on their hands and will have to dig deeper if they want to keep their chances alive of buying out the company.