Group raise stake in shipping line ICG

ONE51 and the Doyle Group have increased their stake in ICG to 20.2%, paying up to €20.75 for its recent share purchases in the group.

As the battle for control of the shipping line continues the price of €20.75 becomes the minimum price the consortium can offer for the business if they wish to make a counter bid.

At that price the potential bid is over 12% above the initial management offer of €18.50 per share for the group and values the company at well over €500m against the offer of €471m.