ICG directors put Thursday deadline to end stalemate

THE independent directors of Irish Ferries operator, ICG, have given the two rival companies fighting to buy the company until this Thursday to sort out the bidding stalemate for the firm.

Moonduster, representing One51 and Doyle Shipping and the management-led group Aella, have been battling for control of the company for several months.

In a statement, coinciding with the company’s annual general meeting yesterday, the independent directors said neither offer could be implemented without the support of the other party.

To resolve that question talks were initiated recently with both sides but failed to resolve the standoff between both parties.

Each holds over 20% the group’s equity, enough to block each others respective bids for the ferries and roll-on roll-off operations controlled by the group.

They both tabled a €22 a share offer for ICG, valuing the group at €516 million.

ICG chairman John McGuckian told reporters after the AGM the fact that the continuing takeover battle had dragged on so long was “significantly upsetting” and had distracted attention from its day-to-day business of the company.

To resolve the issue the directors initiated talks between the two sides to see if there was an offer which the other side would accept.

But with both refusing to budge they set a deadline of noon on July 26 for each to confirm the highest price they are prepared to offer.

They must also indicate how they would react if the independent board members recommended one of the offers for acceptance.

Moonduster controls over 20% of ICG’s shares, and Aella holds a similar amount.

In the meantime moves by property developer Liam Carroll could still frustrate both sides efforts to gain control of the company.

Mr Carroll has at this stage built a 10% plus stake in the group for which he has paid up to €24 each for the shares acquired.

This places him in a strong position in determining the future of the group if he decide to back either bidder. It has been speculated Mr Carroll may be about to make his own bid for the group. Irish Ferries also announced yesterday that its new Ireland/France cruise ferry, to replace the Normandy on routes between Rosslare, Cherbourg and Roscoff, will be named Oscar Wilde before the 2008 season.