Control for ICG steps up a gear as groups prepare to counter €500m bid

THE battle for control of shipping group ICG is about to step up a gear as One51 and the Cork based Doyle shipping group prepare to mount a counter offer of over €500m for the shipping group.

ICG’s chief executive Eamonn Rothwell, and other senior managers have already offered €18.50 to buy the group placing a value €471m on the business, including €100m debt.

In early April the joint bidders, who had been stake building in ICG, said it was possible they could offer over €20 per share for the group once it had carried out due diligence which is now “substantially complete.”