Deadline extended for ICG offers

THE deadline for offers for ferries group €484 million ICG has been extended until 5pm tomorrow.

A consortium comprised of One51 and Cork-based shipping firm, Doyle Group, were expected to announced a bid for Irish Continental Group (ICG) yesterday but the Irish Takeover Panel said they decided to extend the deadline at the request of the independent directors of ICG.

One51 and Doyle Group emerged in March as potential bidders to buy ICG which operates Irish Ferries, and roll on/roll off services for importers and exporters.

In a statement to the Irish Stock Exchange yesterday the independent directors of ICG said they acknowledged the significant progress made by the consortium since June 1 and that it is for reasons beyond the control of the consortium that they may not be in a position to make an announcement of an offer for ICG.

The statement said: “The independent directors and the company’s advisers will continue to work diligently with the consortium and its advisers in an effort to bring forward an offer from the consortium under rule 2.5 of the takeover rules to ICG.”

It added that shareholders should note that until a firm intention to make an offer is announced there continues to be no guarantee that an offer will be forthcoming.

One51 and Doyle Group announced on April 4 that they were in discussions regarding a possible offer for ICG.

Both One51 and Doyle Group have indicated their willingness to pay at least €20.75 a share for ICG.

Yesterday a spokesperson for One51 said they would not be commenting on the situation.